CALGARY — A growing number of forecasts are calling for the return of US$100 oil before the end of the year — a prospect that could put even more pressure on consumers and make it harder for central bankers to rein in inflation.
North American benchmark crude West Texas Intermediate has surged 30 per cent since June 1 and is hovering this week around US$90 per barrel, its highest point since November of last year. Global benchmark Brent crude was trading higher than US$93 on Wednesday.
Last week, the International Energy Agency predicted that world oil demand is forecast to grow to 101.8 million barrels per day by the end of this year, driven by resurgent Chinese demand. Fuel price tracking website GasBuddy.com says the average gasoline prices in Canada Wednesday was $1.67 per litre, nearly 15 cents higher than the 2022 average.
"The outlook is really bullish, for the foreseeable future," she said."You're seeing a lot of activity, some M&A and consolidation. Companies are well-capitalized, and they're willing to put their capital at play."
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