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Analyst View: Saudi attacks raise spectre of oil at $100/barrel - Reuters News

15th September 2019

Greg Newman, Co-CEO of Onyx Commodities

Expects Brent futures to open $2 per barrel up and close $7 to $10 per barrel higher on Monday.

The market could see a return to $100 per barrel if the issue cannot be resolved in the short term.

In the swaps market, Dubai timespreads could see a $1.50-$2 barrel backwardation as end-users scramble to cover shorts for short-term loading.

Refined product prices will be strong, with particular emphasis on high-sulphur fuel oil given current tightness and that it is the refinery product most closely linked to Saudi heavy crude.