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Commodities Corner: Oil prices could top $120 before year-end

Oil prices have lost nearly 7% this month, but investors should be aware that a spike from last week’s levels to more than $120 is possible this year.

“This is a tight market. Supply and demand are close,” says Matt Badiali, senior research analyst at Banyan Hill. Global oil demand is expected to average 99.1 million barrels a day this year, but global oil supply stood at 98.8 million barrels a day in June, according to the International Energy Agency.

“We have supply constraints, thanks to Venezuela becoming a failed state. We have potential supply disruption with the Iran sanctions, and we have demand increasing with global growth,” Badiali says.

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