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Vitol CEO sees oil prices heading towards $50 a barrel

Vitol CEO Russell Hardy speaks during the 20th Asia Oil & Gas Conference in Kuala Lumpur
Vitol CEO Russell Hardy speaks during the 20th Asia Oil & Gas Conference in Kuala Lumpur

LONDON (Reuters) - Oil prices will be heading into the high $40 a barrel range or even $50 in the next few months as inventories modestly draw during the winter and this accelerates during the middle of 2021, Vitol Chief Executive Russell Hardy said on Tuesday.

Benchmark Brent crude <LCOc1> was trading at almost $43 a barrel on Tuesday.

(Reporting by Dmitry and Julia Payne; Editing by Emdund Blair)