Oil could climb past US$100 and stay there for years: Eric Nuttall
BNN Bloomberg
The price of oil could rise above US$100 per barrel and stay there for years, one seasoned energy expert says.
Speaking with BNN Bloomberg’s Jon Erlichman on Tuesday, Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, said the price of oil is set to surge in the months ahead despite the risks of a global recession. He pointed to decade-low oil inventories as the main catalyst for the possible surge in price and noted that investors who own Canadian oil producers would be rewarded handsomely.
“We’re in a multi-year bull market for oil, which I think not only will we see a US$100 high, but we’ll stay there for several years. And the amount of returns coming back to us during that time frame will be unbelievably attractive,” Nuttall said.
The price oil of has fallen from the US$100 high it reached within the past year to US$80.89 per barrel as of late-morning trading on Tuesday, but Nuttall says the commodity will return to triple digits by the summer.
