Oil set for US$150 on supply shock, says trader

Rising prices: Workers connect drill bits and drill collars, used to extract natural petroleum, on a drilling rig near Texas. Jet fuel demand is going to return as travel is going to come back, according to veteran commodities player Doug King. — Bloomberg

SYDNEY: Brent oil will likely hit US$150 (RM631.95) a barrel this year, as the supply shock from the war in Europe coincides with resilient demand from people keen to travel after the virus, according to veteran commodities trader Doug King.

The world has few options to pump more crude, and there’s little sign that consumption is under threat, said King, who runs the US$425mil (RM1.79bil) Merchant Commodity Fund, which returned 28% in the first two months of this year.