Crude oil rates will cross USD 100 per barrel

Doha – The CEOs of renowned international oil companies have claimed that the crude oil rates would increase to the level of more than USD 100 per barrel. The senior officers said that this rise would be because of the reduced flow of investment in the sector. It is claimed that the oil companies have been comforted by the increase in the crude oil rates over the last two days. At the same time, the international media is saying that the news of the reduction in the US oil stocks affected the oil prices on Wednesday.

Nearly ten days ago, a US analyst predicted that the crude oil rates would cross the USD 100 per barrel mark by the end of this year. This analyst had claimed that this calculation would come true if the demand for crude oil increases on the international level during the second half of the year and the 4th wave of Coronavirus pandemic is averted. The analyst also said that for this to happen, the economies of the leading countries have to come back on track, and the oil demand has to touch 100 million barrels per day. The speculators in New York and other trading hubs have supposedly started purchasing crude oil at this price.