Will $100 Oil Finally Bring About Demand Destruction?

Brent hit $90 a barrel last week as geopolitical concerns and a tight market combined to drive oil prices higher. At the start of this week, Brent traded at over $91 and WTI reached $88 per barrel, while major investment banks and forecasters—and even oil majors—say that $100 oil is on the cards later this year.  Lower-than-normal petroleum inventories, including in the United States, a slower-than-expected supply response to high prices, and declining global spare production capacity amid continuously recovering oil demand could…