Oil prices: ‘Demand won’t drop until $160 a barrel’

Oil demand will not fall until prices reach a staggering $160 a barrel, according to an expert in the sector.

Dr Amrita Sen, director of research at Energy Aspects, says despite record fuel prices, the cost of oil is “inelastic” and would need to skyrocket to affect demand.

Dr Sen was giving evidence to a treasury committee hearing on the effectiveness of economic sanctions against Russia.