Oil above $100? Never again, says Saudi Prince Alwaleed

By admin-s Last updated Jan 13, 2015

(Marketwatch) – A well-known Saudi prince is making a big call on oil, saying that the $100-a-barrel threshold will never be topped again.

“If supply stays where it is, and demand remains weak, you better believe [the price of oil] is gonna go down more. But if some supply is taken off the market, and there’s some growth in demand, prices may go up. But I’m sure we’re never going to see $100 anymore,” said Prince Alwaleed bin Talal, the billionaire Saudi businessman, in an interview with Maria Bartiromo of Fox Business News published in USA Today.

“I said a year ago [that] the price of oil above $100 is artificial,” Alwaleed said. “It’s not correct.”

Oil has tumbled more than 56% from its June 2014 high of around $107 a barrel, with Nymex WTI futures CLG5, -3.02% on Monday trading below $47 a a barrel for the first time in nearly six years.