Vitol Americas CEO says severe demand destruction expected at USD 120/bbl crude prices
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US Interior Secretary Burgum says, on Iran, Trump is going to resolve it and win; there is engagement with Iran about possible solution going forward, via CNBC Interview
Israeli official says US President Trump will not sign a deal with Iran that does not achieve war's objectives, Channel 12 reports
Vitol Americas CEO says severe demand destruction expected at USD 120/bbl crude prices
Iran reportedly agrees to freeze its missile project for five years, according to Israel's Channel 12
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Context
The statement from Vitol Americas' CEO suggests that if crude prices reach USD 120 per barrel, we could see significant demand destruction. This is crucial as it indicates that elevated prices may lead to a reduction in consumption, potentially impacting oil market balances and prices in the near future, along with implications for inflation and global growth trajectories.
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