Pierre Andurand: Oil Prices Will Hit $140 This Year ...Middle East

Oil prices will surge to $140 per barrel by the end of this year, hedge fund manager Pierre Andurand said on Tuesday, adding that the recent slump was speculative on the back of the banking sector troubles. Oil demand, even when it peaks around the end of this decade, will not head for a fast decline, Andurand said at the FT Commodities Global Summit. "Even when we peak, oil demand won't fall down so fast. We will reach peak demand towards 110 million barrels per day and then a slow decline from there," the hedge fund manager said at the summit,…

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