{"id":62525,"date":"2023-09-18T12:50:26","date_gmt":"2023-09-18T16:50:26","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/will-oil-hit-100-it-already-did-in-some-markets\/"},"modified":"2023-09-18T12:50:29","modified_gmt":"2023-09-18T16:50:29","slug":"will-oil-hit-100-it-already-did-in-some-markets","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62525","title":{"rendered":"Will oil hit $100? It already did in some markets"},"content":{"rendered":"
\n

By Alex Lawler<\/p>\n

LONDON (Reuters) – With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of are already trading above that milestone, highlighting an expectation of tight supply.<\/p>\n

The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to LSEG data. Malaysian crude Tapis reached $101.30 last week, said Bjarne Schieldrop, analyst at Swedish bank SEB, in a report.<\/p>\n

Oil has risen to its highest level of 2023 as investors are focused on the prospect of a supply deficit in the fourth quarter after Saudi Arabia and Russia extended supply cuts. The two are the biggest producers in the OPEC+ group, most other members of which are also curbing output.<\/p>\n

“The overall situation is that Saudi Arabia and Russia are in solid control of the oil market,” Schieldrop said.<\/p>\n

, a global benchmark, traded as high as $94.89 on Monday and the related benchmark used for trading much of the world’s physical cargoes, called dated Brent, stood just above $96 according to LSEG. <\/p>\n

Qua Iboe, and some other crudes priced against Brent, are above $100 already because they are based on the price of dated Brent plus a cash differential or premium, currently assessed by LSEG at around $4.25 a barrel.<\/p>\n

Schieldrop said dated Brent is highly likely to move above $100 as “only noise is needed to bring it above.” Swiss bank UBS sees Brent futures reaching triple digits. <\/p>\n

“We expect Brent to trade in a range of $90\u2013100 over the coming months, with a year-end target of $95,” said UBS analyst Giovanni Staunovo. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Alex Lawler LONDON (Reuters) – With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of are already trading above that milestone, highlighting an expectation of tight supply. The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to […]<\/p>\n","protected":false},"author":1,"featured_media":3563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-62525","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nWill oil hit $100? 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