Why oil prices need to shoot back above $100 per barrel - Yahoo Finance

Why oil prices need to shoot back above $100 per barrel

Oil prices have consistently ebbed and flowed above $80 a barrel in 2023. Smead Capital Management CEO Cole Smead believes it to be necessary for oil prices to rise above $100 for countries like the U.S. to fill the producer void left by China's economic troubles.

"We have to because this is a growing economy and barrels per day are growing, but as I pointed out... it is just not dominated by China like it was," Smead says. "The Western world's continued to grow despite all these difficulties in rates and the inflation headwinds and so on and so forth."

Smead outlines American producers' potential to bring supply to the table as oil demand remains high.