‘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. $W&T Offshore (WTI.US)$ $Camber Energy (CEI.US)$ $Nasdaq Composite Index (.IXIC.US)$ $SPDR S&P 500 ETF (SPY.US)$ $S&P 500 Index (.SPX.US)$ $Invesco QQQ Trust (QQQ.US)$ $Dow Jones Industrial Average (.DJI.US)$