Authored by Tsvetana Paraskova via OilPrice.com,

It is "quite possible" that the WTI Crude oil prices reach $100 per barrel in light of growing global demand for energy commodities, Russian President Vladimir Putin said on a CNBC panel at the Russian Energy Week on Wednesday.

Asked by CNBC's Hadley Gamble whether the US benchmark could hit $100 a barrel, Putin replied "That is quite possible."

However, Russia and its allies in the OPEC+ oil producer group want a stable oil market without any shock spikes in prices, Putin said. "Russia and our partners and OPEC + group, I would say we are doing everything possible to make sure the oil market stabilizes," Putin said, according to a translation.