Crude oil prices could reach $121 per barrel when China’s economy reopens following a string of Covid-related restrictions, Daniel Yergin, vice chairman of S&P Global, told CNBC. “If China gets over Covid... then you add a lot of demand to the market,” Yergin explained, also saying that S&P Global’s base case for oil prices remains $90 per barrel of Brent, although there is a downside potential for a slump to $70 per barrel. The cheaper-oil scenario would play out in case of a global recession, according to the energy…
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