The end to Saudi Arabia’s oil production cuts may be closer than investors anticipate, Bob McNally, founder of the Rapidan Energy Group, told Bloomberg TV on Thursday.
US crude prices hit their highest level for the year this week, but pulled back Thursday to $92.51 a barrel. Still, some in the industry have warned of even higher valuations to come — as much as $150 a barrel.
But according to McNally, persistently high oil prices may lead to plunging demand, something that Saudi Arabia will want to avoid.
Source: Markets Insider
