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Oil prices are looking ‘frothy’ and could lead to a correction, says BP finance chief
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Oil prices look to have climbed to unsustainable levels and could soon start to fall away from multi-year highs, BP’s chief financial officer (CFO) told CNBC Tuesday. Crude futures stood within $1 of highs not seen in more than three years on Tuesday morning, amid a broad price recovery which has helped the resurgence of …
Oil prices look to have climbed to unsustainable levels and could soon start to fall away from multi-year highs, BP’s chief financial officer (CFO) told CNBC Tuesday.
Crude futures stood within $1 of highs not seen in more than three years on Tuesday morning, amid a broad price recovery which has helped the resurgence of some of the world’s largest oil and gas groups in recent quarters, said a report in CNBC.
“Sometimes people forget that actually, it was not that long ago we were down at $28 a barrel…I think oil prices today feel a bit frothy,” Brian Gilvary, CFO at BP, told CNBC’s “Squawk Box Europe”.
Yesterday, oil prices rose after Israeli Prime Minister Benjamin Netanyahu said Israel had proof that “Iran lied” about its nuclear capabilities, and that he was sure US President Donald Trump would do “the right thing” in reviewing the country’s nuclear deal with western powers.
Prices of the Brent June contract, which expires Monday, gained 53 cents to settle at $75.17 a barrel. Prices for the more actively traded Brent July contact gained 90 cents to settle at $74.69.
US West Texas Intermediate (WTI) futures were up 47 cents on the day to settle at $68.57 a barrel.
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