The CEO of energy trader Gunvor said he expected oil prices to move higher towards the end of the year as rising Chinese demand tightens oil balances further.

Speaking at the FT Commodities Global Summit, Torbjorn Tornqvist said he didn’t see much demand growth coming from outside of China.

He added that while gas prices are now trading at their lowest in one and a half years, “it’s too early to say we won the war on gas”, referring to Europe’s ability to replace Russian gas imports.

Tornqvist also said that a price cap on Russian crude and oil products imposed by the G7, the European Union and Australia was working “relatively well”.
Source: Reuters (Reporting by Julia Payne; Writing by Ahmad Ghaddar; Editing by Jan Harvey)