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The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

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Commodities

18 Oct 2021

Traders Bet that Oil Prices Could Soar to $200 per Barrel

The Index Today

Bullish crude oil prices have led to traders betting on its rally which may surge to $100 a barrel in upcoming months. According to reports, West Texas Intermediate or WTI went up 70% this year but is still far from reaching $100 a barrel.

Traders across the Atlantic are betting on oil reaching $200 a barrel by the end of next year. The bullish environment will prove to be a gamble as global shortages and supply chain disruptions in many countries could lead to inflation of energy products. Mark Benigno at StoneX Group Inc said, “I haven’t seen crazy strikes like this in a long time. The momentum and trend is higher.”

Delta Airlines Inc issued a warning to investors about fuel prices reaching new highs which could minimize expected revenue for the last quarter. The supply chain disruptions have already left their mark on U.S Crude oil whereas natural gas prices doubled to reach $5 million British thermal units. The rising prices are expected to reach consumers in the form of higher prices products and commodities.

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