Here's Why Oil Prices Could Hit $100 a Barrel By Summer
Oil prices have cooled off considerably since peaking last summer. Crude was recently in the mid-$70s, well below the more than $120-a-barrel price point it hit following Russia's invasion of Ukraine.
Many oil market experts expect crude prices to rise again. That includes Scott Sheffield, CEO of oil producer Pioneer Natural Resources (NYSE: PXD). He firmly believes oil will approach the triple digits again this summer. Here's what's driving that view and what it means for investors in oil stocks like Pioneer.
Pioneer Resources' CEO Scott Sheffield gave his outlook for oil prices on that company's fourth-quarter conference call, stating: "We remain highly constructive on oil prices. I'm still very optimistic that we'll move back into that $90 to $100 range sometime earlier this summer."
Source Fool.com
