Oil could hit $150, says leading trader
THE PRICE of oil hovered above the $120 a barrel mark yesterday as more of Iran’s trade partners looked to cut back fuel purchases from the country.
The world’s leading oil trader Vitol said yesterday it expects instability in the Middle East to push prices further.
Boss Ian Taylor said: “The Iranians now want the price as high as possible as they’ve got less volumes to sell. I reckon they are probably quite close to winning based on the numbers.”
Taylor said that an Israeli airstrike on Iran was one scenario that was likely to push oil prices to $150 a barrel.
As nuclear inspectors wrapped up meetings in Tehran yesterday, calling the lack of access “disappointing”, key trading partners China, India and Japan were planning cuts of at least 10 per cent in Iranian crude imports.