There are fears that high oil prices will be highly recessionary, destroy oil demand and slow down a lot of economies, said Paul Sankey of Sankey Research.
The firm sees oil trading in a range of $100 per barrel to $150 per barrel until the situation in Ukraine is resolved, according to a research note.
"There's a major, physical, immediate outage that caught an already tight market with very low inventories," he said.on supply concerns as the Russia-Ukraine crisis develops, and this could lead to demand destruction and an economic recession, according to an oil analyst. "I'm concerned that we don't have enough oil at all here, and we need to go to $120 to $150 [per barrel], and then we get into economic destruction," said Paul Sankey of Sankey Research.
The firm sees oil trading between $100 and $150 per barrel until the situation in Ukraine is resolved, according to a research note.
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