Where are crude oil prices headed?

In an interview with CNBC-TV18, Jason Feer, Vice President and Singapore Bureau Chief, Argus Media, speaks about crude and gives his outlook going forward.

Below is a verbatim transcript of his interview with CNBC-TV18's Anuj Singhal and Latha Venkatesh. Also watch the accompanying video. Q: How good is this rally in crude? How much better can it get, there is now everything moving in terms of the crude bulls as it were, there is both the growth story as well as perhaps a fear premium story? A: I think we are at a point where the market is probably looking for some sort of signal on direction. You have had a lot of news pushing prices higher; you have had obviously the political instability in North Africa and in the Middle East. I think at the end of the last week we saw indications that the US economy starting to grow perhaps a little brisker than some analyst thought and that would argue in favour of some higher demand going forward. But I think in terms of big moves on the upside, it is hard to see where that momentum comes from, unless you see some sort of dramatic political development in the major oil producing country. So, I think we are probably looking for direction at this point. Q: If that political shock does not come from West Asia or Middle East, in that case would you see the chances of the Brent crude slipping back to USD 114-115 per barrel levels, that is where it had consolidated before this latest rally took it to USD 119 per barrel? A: It is obviously very difficult to put an exact price in Argus. We are a pricing agency. So, we don