Crude oil prices may soon hit $150 per barrel or more this year, Trafigura’s CEO Jeremy Weir told the FT Global Boardroom conference on Tuesday. The spike in crude oil prices would likely trigger demand destruction for the commodity, Weir added. The forecast is just $10 per barrel over where Brent prices shot up to in March shortly after Russia invaded Ukraine. Bullish factors continue to be the Russia factor—with the EU recently agreeing to an embargo on imported Russian oil, although that will not go into full effect for many months—as China’s soon-to-be surge in crude oil demand, which is expected to rebound as the Asian nation rolls back its strict Covid lockdown measures. Brent crude is currently trading above $119 per barrel. The oil price predictions follow other analyst predictions this week, with Goldman raising its price target for Brent to $140 in the third quarter of […]