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Gunvor CEO sees oil price at close to current level next year

Energy trader Gunvor Group expects the oil price to be around current levels this time next year but sees “huge volatility” across commodities longer term as the energy transition progresses, its chief executive told the Reuters Commodities Summit.

Brent oil futures were trading around $85 a barrel on Wednesday.

“If you start to dismantle the system we have and are dependent on before we have the right replacement, then that is not going to work,” Gunvor CEO Torbjorn Tornqvist said.

“We can see on metals, power and all those things are going to be interlinked and it could be quite turbulent.”
Source: Reuters (Reporting by Julia Payne and Ahmad Ghaddar, Editing by Louise Heavens)

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