Global Oil Price Hits Four-Year High At $80 Per Barrel

Global crude oil prices have gotten to $80 per barrel, reaching a four-year high on Monday.

Concise News understands that oil trader Trafigura forecasts that the price could hit $90 by December and $100 in 2019.

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The jump in price was after Saudi Arabia and Russia ruled out any hike in production in the face of calls by the U.S. to raise global production.

“The market’s still being driven by concerns about Iranian and Venezuelan supply,” said the Director of Market Research at Tradition Energy in Stamford, Gene McGillian.

“The failure of the producers to address that adequately this weekend is creating a buying opportunity.”