World's biggest traders see oil prices breaking above $100 next year

The world's biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as US sanctions on Iran reduce crude exports from the Islamic republic. Oil has rallied this year on expectations the sanctions, coming into force on November 4, will test the ability of the Organization of the Petroleum Exporting Countries and others to fill the supply gap as shipments from OPEC member Iran decline.

Brent crude last week reached $86.74 a barrel, the highest since.

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