Commodities Analysis by The Tokenist (Timothy Fries) covering: Chevron Corp, Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil. Read The Tokenist (Timothy Fries)'s latest article on Investing.com
) CEO expects prices to exceed $100 a barrel, a move that could extend the fight against inflation and cause a drag on the global economy.Chevron CEO Mike Wirth expects oil prices to hit $100 a barrel, a level not seen in over a year. Wirth’s forecasts came in light of increasing oil supply constraints, potentially setting the stage for crude prices to reach triple-digit figures.
“But you know, we’ve had relatively higher oil prices here now for most of this year and certainly all of last year. The recession that everyone’s been talking about hasn’t arrived. And so I think the underlying drivers of the economy in the U.S. and frankly globally remain pretty healthy.”Oil firms turned record profits in 2022 after energy prices skyrocketed as the world returned to normal following COVID-19 lockdowns and due to Russia’s invasion of Ukraine.
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