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A Local Culinary Adventure: inspired by Halifax's Seaport Market | SaltWire #cooking #cookingtipsFUJAIRAH - The deputy CEO of commodity trader Mercuria, Magid Shenouda, said on Wednesday that oil could go to $100 a barrel if the situation in the Middle East escalates.
"I don't think there are that many analysts that believed that it was going to go to $100, in a normal circumstance. I think the events that have happened recently, I think that puts a great cloud where things could go, because the market is not pricing much of a conflict," Shenouda, also Mercuria's global head of trading, said at an industry conference in Fujairah, the United Arab Emirates.
"Volatility went up but the price action was actually quite muted - $3 a barrel is not that significant - so the market is fading any real action. But there is a high probability that this could escalate, and if it does escalate, then I think we can see $100.""The Q4 outlook on demand is quite healthy. So there's an argument to say we'll still be at a healthy price set. What we need to remember is the run from $85 to $95 happened quite quickly," he said.
"Fundamental reasons why we might hit $100, that's questionable - I think we would need to see a geopolitical event to perhaps hit that. But the demand outlook is certainly healthy enough to keep us around the $90 price set.""I don't think inflation is under control. There are people out there trying to raise capital at 20-plus percent. This is not sustainable.
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