Crude oil prices may be “modestly higher” a year from now at $100 a barrel, said Mihir Worah of Pacific Investment Management Co.
That represents “a fair price,” Worah said in an interview today on Bloomberg Television’s “Surveillance Midday” with Tom Keene. Worah runs the $18 billion Pimco Commodity Real Return Strategy Fund, the largest commodity mutual fund that tracks the Dow Jones-UBS Commodity Index.
Crude oil futures for December delivery dropped $2.27, or 2.7 percent, to $82.59 a barrel at 12:26 p.m. on the New York Mercantile Exchange. Through yesterday, the commodity gained 6.9 percent this year.
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