Chevron chair/CEO says oil price going above $100 – "It’s fundamentally supply and demand"

<p>Chevron chairman and CEO Mike Wirth spoke in a US TV interview, CNBC, on Monday. </p><p>He pithily wrapped up what's driving the price higher:</p><ul><li>We’ve seen a global economy that is continuing to do pretty well. </li><li>We’ve seen some production cutbacks in some of the OPEC countries come on top of a market that was already showing some tightening</li><li>It’s fundamentally supply and demand, and prices have been firming here for a number of weeks</li><li>I think risks remain more to the upside than the downside</li></ul><p>Said US oil is going above $100/bbl, higher for non-US oil. </p><p>Brent update:</p>

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