Oil prices won’t recover to $100 a barrel once a current rout is reversed, said the head of research at Gunvor Group Ltd., a firm trading more than 2.5 million barrels of crude and fuels each day. Saudi Arabia , the nation leading OPEC in defending its share of global oil market, will resist $100 to $120 a barrel crude, he said, without specifying for how long. Brent oil, the global benchmark, collapsed by almost half last year as Saudi Arabia and others in the Organization of Petroleum Exporting Countries committed to maintain output amid a global surplus. U.S. output is the highest in three decades as drillers unlock stores in shale formations. “It will be interesting to see how the Saudis react when prices start rising again,” Fyfe said. “They won’t want prices to rebound to $100-$120 as they’d be back to square one.” Global demand will grow […]