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Expect oil to stay around US$80-US$100 a barrel: Tahmazian

 

 

 

 

 

By David George-Coshong / BNN Bloomberg

TORONTO
Petroleumworld 11 16 2021

It's time everyone gets used to oil trading above US$80 a barrel, according to one prominent Canadian portfolio manager.

Rafi Tahmazian, senior portfolio manager at Canoe Financial, said in an interview that it's time to consider crude trading around US$80 to US$100 a barrel will be the new normal for commodities markets amid a broad demand for energy products.

"I think we should all start to think of our lives in the US$80 to US$100 [a barrel] range right now," Tahmazian said. "A lot of people say the economy's really starting to get hurt at US$125 [a barrel], but we just have to live in a world of higher costs for energy."

Crude prices were under some pressure on Monday as investors speculated that the Biden administration could unleash some oil kept under the U.S. Strategic Petroleum Reserve.

That came about a week after the Organization of the Petroleum Exporting Countries (OPEC) cut its world oil demand forecast for the fourth quarter amid a slow recovery from the COVID-19 pandemic for some economies. OPEC also sees an oil supply surplus occurring in the first quarter of 2022.

Tahmazian said placing some oil stored in the U.S. reserve could affect prices by a few dollars a barrel, but only in the short-term.

He added that demand from oil and other energy products is not coming from major industries but rather consumers, which he doesn't expect to stop anytime soon.

'Start to look for higher prices and higher costs," Tahmazian noted.

 

______________________________________

By David George-Cosh from BNN Blomberg

bnnbloomberg.com.ca 11 16 2021

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