The price of physical Brent oil cargoes will spike to $150 to $160 per barrel once inventories hit all-time lows, Exxon executive Neil Chapman said.

The price of physical Brent oil cargoes will spike to $150 to $160 per barrel once inventories hit all-time lows, Exxon executive Neil Chapman said.

Executives from the largest US energy companies warned on Thursday that oil prices are likely to spike this summer, as the buffers the US and other western countries used to…