WTI Crude
63.90
Brent Crude
69.34
Natural Gas
3.14

Oil could hit $80 per barrel by the end of 2018, says portfolio manager

Written by Yen Nee Lee at CNBC

Facebooktwitterlinkedininstagrammail
  • It’s not preposterous to expect oil prices to hit $80 per barrel by the end of 2018, said Yoon Chou Chong, head of Asian equities at Natixis Asset Management
  • Production cuts and the need to maintain stability ahead of the widely-anticipated Saudi Aramco IPO will support oil prices, Chong said
  • Asian stocks, in particular Chinese shares, also have room to gain further, he added

This year could mark a comeback for commodities, with oil potentially hitting $80 per barrel, a portfolio manager said on Wednesday.

Restrained production among major oil producers and the “greater impetus” to maintain stability ahead of the widely-anticipated initial public offering of Saudi Aramco will support prices further this year, said Yoon Chou Chong, head of Asian equities at Natixis Asset Management.

“We’ve done a lot through the exporters, tech and we’re still happy with them. (But) I think this might be the year for the return of the commodities, the oil,” Chong told CNBC. He named commodities as a top trade for 2018.

“The $80-mark … (doesn’t) sound too preposterous, actually,” he added.

CLICK HERE TO READ THE ENTIRE ARTICLE BY THE ORIGINAL PUBLISHER


Written by Yen Nee Lee at CNBC

News Article Email Sign-Up
Sending
Facebooktwitterlinkedininstagrammail