Oil prices still have upside from here because of booming travel in China and restricted supply from OPEC+, according to Gary Ross, a veteran oil consultant turned hedge fund manager at Black Gold Investors LLC.
Domestic flights in China are already back to 110% of their pre-pandemic levels and long-distance road travel is still dominated by gasoline-powered cars, he said he said in an interview at APPEC by S&P Global Commodity Insights in Singapore on Monday.
Brent oil futures have already surged by almost a quarter since late June as deep supply cuts by Saudi Arabia, Russia and other producer nations scale back output and wider financial markets price in less risk of recession in key economies like the US. Brent is likely to trade in a range of between $90 and $100 by the end of the year, Ross said. It stood just below $89 on Friday.
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