Oil supply growth remains limited as demand rises, top U.S. shale executive says

News Snapshot:

Global demand for crude oil is continuing to rise but supply growth remains limited and will lead to higher prices later this year, a Pioneer Natural Resources PXD-N executive said on Thursday. The impact of recessionary fears on global crude oil also will be offset by stronger Chinese demand, Pioneer Executive Vice-President Beth McDonald said at the RBN Energy crude export conference in Houston. Oil should trade between $70 per barrel and $100 per barrel over the next three to five years. Prices recently have been driven by demand losses in China and recessionary fears in Western economies, McDonald said....