Mar. 10 at 10:53 AM
$SGML In a note on Tuesday morning, Paul Gooden, head of global natural resources at Ninety One, said oil prices could spike above
$120 a barrel if the disruption to the market is extended.
“Oil prices could spike further until higher prices begin to curb demand,” he said. “At that point, consumers and businesses change behaviour: driving less, flying less, or shifting to alternative energy sources. That process of “demand destruction” has historically acted as a natural ceiling for sustained price spikes.”
