Prices may reach a record if unrest spreads to larger producers in the Middle East
Brent crude oil futures may trade between $105 and $110 a barrel in coming weeks if uncertainty in Libya continues, according to Goldman Sachs International’s head of commodities research Jeffrey Currie.
Prices may reach a record if unrest spreads to larger producers in the Middle East, such as Saudi Arabia, he said.
“The real key is the contagion risk,” London-based Currie said in Hong Kong on Tuesday. “Then prices could test historical highs.”
Brent jumped as high as $108.18 in electronic trading on the London-based ICE Futures Europe exchange on Tuesday.