Crude oil could hit $125 a barrel as Russia’s reaction to a US-led price cap threatens to squeeze supply, UBS says

Oil prices are ticking upwards again after falling for the past three to four months. UBS expects oil will hit $125 a barrel if Russia reacts to a planned G7 oil price cap as promised. Russia has said it will cut its exports if the US-led cap comes in, which would tighten crude supply. "As we get further draws, you’re going to see prices going up. That simple," Dominic Schnider told CNBC. Get the inside scoop on what traders are talking about — delivered daily to your inbox. Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy . Crude oil could hit $125 a barrel as Russia’s response to a US-led price cap plan threatens to tighten the global market even further, a top UBS commodities strategist has said. Moscow has said it’s prepared to cut its oil output if the G7 nations carry through with the price cap, warning the measure will end up primarily hurting those behind […]

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.