Chevron chair/CEO says oil price going above $100 – “It’s fundamentally supply and demand” | Forexlive

Chevron chairman and CEO Mike Wirth spoke in a US TV interview, CNBC, on Monday.

He pithily wrapped up what’s driving the price higher:

• We’ve seen a global economy that is continuing to do pretty well.
• We’ve seen some production cutbacks in some of the OPEC countries come on top of a market that was already showing some tightening
• It’s fundamentally supply and demand, and prices have been firming here for a number of weeks
• I think risks remain more to the upside than the downside

Said US oil is going above $100/bbl, higher for non-US oil.

Brent update: