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Larry Fink, chief executive of the world’s largest asset manager BlackRock, said on Tuesday that there is a high probability of oil reaching $100 a barrel.

Fink, who was speaking at the Future Investment Initiative conference in Saudi Arabia, also called for more collaboration between the public and private sectors to tackle global challenges such as climate change.

Brent crude was down 28 cents at $85.71 a barrel by 0757 GMT, reversing gains from earlier in the day but still close to multiyear highs.

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