Doug Lawler, the CEO of Continental Resources, a major player in shale drilling under the control of billionaire Harold Hamm, conveyed to Bloomberg News on Monday that crude oil prices are poised to remain elevated and could potentially surge to the $120 to $150 per barrel range if new production doesn’t come into play.

He cautioned that further price pressure is imminent unless policies are implemented to stimulate increased output, MarketWatch reported.

On Monday, West Texas Intermediate crude, the U.S. benchmark (CL.1, 0.04%), retreated just below $90 per barrel, although it still stands more than 34% above its 52-week low of $66.74 recorded on March 17.

Meanwhile, Brent crude, the global benchmark (BRN00, +0.13%), has surged by 30% from its 52-week low of $71.84 per barrel set on June 12.

Lawler confidently asserted that he anticipates oil prices will undeniably breach the $100-per-barrel threshold and that the market will continue to experience volatility within the $80 to $100 per barrel price range.

Written by staff