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An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China July 4, 2018. Picture taken July 4, 2018. REUTERS/Stringer
Oil tanker unloads crude oil at a crude oil terminal in Zhoushan

Thomson Reuters

  • Oil prices could hit $90 by summer, Scott Sheffield, CEO of Pioneer Natural Resources said. 
  • The end of the releases from the US strategic reserve and China's reopening suggest prices have bottomed, Sheffield said.  
  • "So inflation is up, all prices are down, so people just don't have the capital to continue to grow."

Oil prices have bottomed out and could surge 17% by the summer time, according to Scott Sheffield, the chief executive officer of Pioneer Natural Resources. 

Tags
Markets, MI Exclusive, Crude Oil, energy, oil prices, West Texas Intermediate, Brent Crude, Pioneer Natural Resources, scott sheffield, China, Strategic Petroleum Reserve, Inflation, Recession
Source
Oil prices could jump 17% by summer as crude has now bottomed out, top shale CE…