FUNDVIEW-Oil will hit $150 in U.S. despite IEA -Guild
(Reporting by Ikuko Kurahone)
LONDON, July 6 (Reuters) – The price of physical crude oil will hit $150 a barrel this year in the United States due to unrest in North Africa and the Middle East, despite the emergency oil stock release coordinated by the International Energy Agency (IEA), a U.S. fund manager said.
Monty Guild, the chief executive of Guild Investment Management, said the IEA’s move did not change oil’s fundamentals.
“Our opinion continues to be oil prices will reach $150 barrels this year due to the fighting near Saudi Arabia,” Guild told Reuters in a telephone interview.
He was referring to escalating violence in countries such as Syria and Yemen. These countries are very small producers but the market has been concerned about the spillover of the unrest to Saudi Arabia, the world’s top oil exporter.
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