Yergin: Oil Prices Could Break $120 If China Overcomes Covid

Crude oil prices could reach $121 per barrel when China’s economy reopens following a string of Covid-related restrictions, Daniel Yergin, vice chairman of S&P Global, told CNBC. “If China gets over Covid... then you add a lot of demand to the market,” Yergin explained, also saying that S&P Global’s base case for oil prices remains $90 per barrel of Brent, although there is a downside potential for a slump to $70 per barrel. The cheaper-oil scenario would play out in case of a global recession, according to the energy…