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Oil Prices Could Go Even Higher

Oil Prices Could Go Even Higher

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Industry Segment: Production | Word Count: 603 Words

June 7, 2022--Researched by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Major investment firms are raising their forecasts for crude oil prices, citing the lingering supply-side challenges that are adding up among the world's major producers.

Both Brent crude oil and West Texas Intermediate were holding at about $120 per barrel on Monday, compared with $70 per barrel one year ago. Supply-side issues suggest $150 could be in the cards.

Those supply-side issues are largely the result of Western-backed sanctions targeting some of the world's major oil producers. Only Saudi Arabia has the means to put more oil on the market in short order.

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