High probability of oil reaching $100/barrel, says Blackrock CEO Fink

Brent crude was down 28 cents at $85.71 a barrel by 0757 GMT

  
Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. Image used for illustrative purpose.

Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017. Image used for illustrative purpose.

REUTERS/Brendan McDermid

RIYADH  - Larry Fink, chief executive of the world's largest asset manager BlackRock, said on Tuesday that there is a high probability of oil reaching $100 a barrel.

Fink, who was speaking at the Future Investment Initiative conference in Saudi Arabia, also called for more collaboration between the public and private sectors to tackle global challenges such as climate change.

Brent crude was down 28 cents at $85.71 a barrel by 0757 GMT, reversing gains from earlier in the day but still close to multi-year highs. 

(Reporting by Davide Barbuscia and Saeed Azhar; Editing by Kirsten Donovan) ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))


More From Commodities