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What's the perfect price for oil?

Alanna Petroff
Senior Economics Correspondent at Yahoo Finance UK

The perfect price for oil right now is roughly around the range of $60 to $70 per barrel, according to Carlos Pascual, a senior vice president and energy expert at IHS Markit.

“What the global economy is looking for is a price that is going to be able to sustain the energy sector, and which is affordable for consumers as well,” Pascual told Yahoo Finance UK during a special one-to-one video interview at the  World Economic Forum (WEF)  in  Davos, Switzerland .

US crude oil prices are currently trading around $53 per barrel, while global Brent crude prices are trading around $61 per barrel.

Pascual predicts that prices will likely stay in the range of $60 to $80 in 2019. 

Prices at the pump are known to jump when oil prices surge, putting a squeeze on consumers. Photo: Miguel Villagran/Getty Images

The US, Saudi Arabia, and Russia are currently three of the most influential oil producers in the world.

READ MORE: Coverage from the World Economic Forum