Ashburton's Robinson: 'Blizzard' of supply issues could push oil prices beyond $120

Rhetoric will not halt rise in prices

Tom Eckett
Richard Robinson of Ashburton Investments

Richard Robinson of Ashburton Investments

Richard Robinson, manager of the Ashburton Global Energy fund, has said US President Donald Trump's rhetoric will do little to stop oil price rises, which could even spike beyond $120 a barrel by the end of next year.

The manager said he was extremely bullish about where oil prices were heading due to the "blizzard" of supply issues hitting the market. Despite Trump blaming OPEC for high oil prices, Robinson said all the President's actions, such as placing sanctions on Iran (which is expected to cut at least 1.2 million barrels on the supply side) and placing tariffs on steel imports (which increases the cost of pipeline investments by 5%-9%) had caused prices to go higher. Could we see the return of $100 oil prices this year? On 4 July, Trump said on Twitter: "The OPEC monopoly must remember t...

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