Brent crude futures, which soared 50% in 2021, are up a further 14% already in 2022 at seven-year highs of $89 a barrel . With production capacity tight, inventories low and geopolitics racking several producing regions, oil is hurtling towards $100, a level Goldman Sachs predicts will be breached by mid-year.Register now for FREE unlimited access to Reuters.
Many also argue the psychological impact of $100 oil cannot be understated, especially as consumers, businesses and politicians fret over inflation at multi-decade or record highs; the latest U.S. consumer price reading was 7%, a 40 year-peak.
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