Brent crude – World Bank still warning that oil prices could reach US$150 a barrel

<p>The World Bank is still cautioning on oil prices, saying that even a small disruption to oil supply could take around 2 million barrels a day out the market. </p><p>Snippets from the report:</p><ul><li>in a worse case scenario is a situation similar to the oil crisis of the 1970s, which would could push oil prices up to between $140 and $157 a barrel (
In October 1973, Arab oil-producing nations cut exports to the US and other countries that supported Israel in the Yom Kippur war. Oil prices soared.)</li><li>
"The latest conflict in the Middle East comes on the heels of the biggest shock to commodity markets since the 1970s – Russia's war with Ukraine," </li><li>"That had disruptive effects on the global economy that persist to this day."
</li><li>the global economy was in a better position to withstand a supply shock than it had been during previous conflicts in the Middle East</li><li>the global economy is still recovering from the energy price spikes seen last year</li></ul><p>—</p><p>Brent has subsided from its post-Hamas-terrorism-attacks highs:</p>

This article was written by Eamonn Sheridan at www.forexlive.com.