Bloomberg reported that fund manager Franklin Templeton Investments has a bullish outlook on rising crude prices and is buying shares of independent oil production and exploration companies.

The fund manager, one of the largest shareholders of natural resource companies, does not believe that future oil demand will be met if the price remains at $50 a barrel as it will not be enough to stimulate a supply increase, according to Bloomberg.

Bloomberg reported that Franklin Vice President Frederick Fromm said that higher prices are needed, and prices must increase to a minimum of $65 a barrel long term.