Oil price could hit new heights

The world should expect major oil price highs again. These were the words of Peter Csoregh, senior portfolio manager of Robeco’s Natural Resource equities fund, speaking at the Reuters Global […]

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By Tom Gibson

The world should expect major oil price highs again. These were the words of Peter Csoregh, senior portfolio manager of Robeco’s Natural Resource equities fund, speaking at the Reuters Global Energy and Climate Summit in London yesterday.

Mr Csoregh said oil prices could hit previous peaks of $147 a barrel due to the growing demand from developing markets like China outpacing current global supply.

He warned tensions would rise: “Can they (China) double from here, can they triple from here? Sure they can. Is there enough oil or copper in the world to allow them to do that? No.

In the old days we would have a World War and we would realign a little bit who has access to what. What will happen this time around, I don’t know but clearly the temperatures are rising.”