Scott Sheffield, CEO of Pioneer Natural Resources
Scott Sheffield, CEO of Pioneer Natural ResourcesMRI file photo

Oil prices could rebound and hit $120 a barrel next year if China reopens its economy after coronavirus lockdowns, said the chief of Pioneer Natural Resources Co., one of the largest producers in the US Permian Basin.

Crude oil prices have fallen over the summer as lockdowns in China hit consumption. Brent, the international benchmark, was trading at around $96 a barrel on Friday.



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