Vitol CEO sees oil price rising to mid-$50s by year-end

LONDON: The chief executive of Vitol, the world's largest oil trader, said on Wednesday he saw oil prices rising moderately by year-end due to supply outages around the globe and strong demand.

"The likelihood is we are getting to oil in the mid-50s, maybe a little higher, by the year-end," Ian Taylor told the Russian Energy Forum in London.