Oil price may quickly rise to $100 as a result of attacks on Saudi oil industry say oil market traders and analysts !

The oil market will rally by $5-10 per barrel when it opens on Monday and may spike to as high as $100 per barrel if Saudi Arabia fails to quickly resume oil supply lost after attacks over the weekend, traders and analysts said.

Industry sources have said it may take weeks to bring production fully online.

Below are quotes from market participants, traders and analysts.

BOB MCNALLY OF RAPIDAN ENERGY

Crude prices would spike by at least $15-20 per barrel in a seven-day disruption scenario and go well into triple digits in a 30-day scenario.

“This does not include what are likely to be large (if difficult to model or predict) premia to reflect zeroing out of global spare production capacity amidst ongoing disruption risks, hoarding, and panic sentiment.”

GREG NEWMAN, CO-CEO OF ONYX COMMODITIES

Expects Brent futures to open $2 per barrel up and close $7 to $10 per barrel higher on Monday.

The market could see a return to $100 per barrel if the issue cannot be resolved in the short term.

read more:

www.jpost.com/Middle-East/Saudi-attacks-raise-specter-of-oil-at-100barrel-analysis-601741

Crude oil price before the attack was $54.

AC

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