A flurry of intensifying risks in the energy market has made it"virtually impossible" to confidently forecast the price of oil, industry experts told CNBC on Thursday.
"There are so many uncertainties surrounding the oil market that it makes it virtually impossible to predict developments for the rest of the week let alone for months or a year ahead," Tamas Varga, senior analyst at PVM Oil Associates, said in a research note published Thursday. Brent and WTI crude futures have risen by approximately 30% and 40% respectively since the start of the year.
Some investors are worried an economic downturn over the coming months could soon start to significantly dent fuel demand.
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Impossible? OPEC is squeezing supply while Venezuela and Iran are in turmoil. Saudi’s Aramco making more than $110B in 2018 are the only ones who can predict?