Dr Doom Faber: Oil price could hit $70 as inflation 'surprises on upside'

Boosted by infrastructure spending

Permabear Marc Faber has shrugged off his 'doom and gloom' reputation to forecast the oil price rising to $70 on the back of a growing need for infrastructure.

According to CNBC, the Swiss investor (pictured) feels the price of oil is set to rise due to the global need for infrastructure and the increased spending on infrastructure projects in developed markets. Faber, who is well-known as the author of the Gloom, Doom & Boom Report, said the economic growth in emerging Asia will boost prices, meaning the price of crude oil could reach $70 in the near future. Oil prices have remained at rock bottom for several quarters with WTI crude oil currently priced at $50, having reached a low of $26 in February 2016. Oil jumps 6% as OPEC surprises ...