‘Economic destruction’ may lie ahead as oil prices push higher, analyst says

There are fears that high oil prices will be highly recessionary, destroy oil demand and slow down a lot of economies, said Paul Sankey of Sankey Research.

The firm sees oil trading in a range of $100 per barrel to $150 per barrel until the situation in Ukraine is resolved, according to a research note.

“There’s a major, physical, immediate outage that caught an already tight market with very low inventories,” he said. $W&T Offshore(WTI.US)$ $Camber Energy(CEI.US)$ $Nasdaq Composite Index(.IXIC.US)$ $SPDR S&P 500 ETF(SPY.US)$ $S&P 500 Index(.SPX.US)$ $Invesco QQQ Trust(QQQ.US)$ $Dow Jones Industrial Average(.DJI.US)$