The rally in oil prices continued in full force on Monday, with Brent crude nearing $95 a barrel in early afternoon trading, and some crude grades around the world topping $100.
Brent crude was trading at $94.53 and WTI at $91.81 at 12:23 p.m. ET on Monday.
Elsewhere, Reuters reported that Nigeria’s Qua Iboe crude rose above $100 a barrel on Monday, while Malaysia’s Tapis crude had already surpassed that mark last week, and quoted Swedish bank SEB analyst Bjarne Schieldrop as saying in a report that “Saudi Arabia and Russia have a firm grip on the oil market.
Oil is now trading at its highest price this year as investors bet on tight supply and excess demand in the final quarter of the year as Saudi Arabia and Russia, the two largest producers in OPEC+, extend production cuts.
The Swedish bank’s analyst also predicted that Brent would rise above $100, saying it would take more than “noise” to get there.
Schieldrop said dated Brent is highly likely to move above $100 as “only noise is needed to take it above”. Brent futures could reach triple digits, according to Swiss bank UBS.