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Experts: oil is sure to drop back to $40 a barrel
 The market is moving from oversupplied to balanced one but prices may sink once again soon. 19.Jul.16 10:55 PM By Alesya Davydova Photo Toinnov.com |
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The market is moving from oversupplied to balanced one but prices may sink once again soon. More and more experts are sure that oil’s upward climb will not last long. Analysts predict a drop back to $40 a barrels in the nearest future. The first six month of the year have been quite positive for the world oil market. Brent crude prices almost doubled, and a global production surplus seems to be eliminated as U.S. output is falling and demand and disruptions from Nigeria to Canada are rising. But analysts from BNP Paribas SA to JBC Energy GmbH predict a soon drop back of the prices. They base their forecast on the current faltering consumptions and the return of halted supplies. “For the time being, the path of least resistance for oil prices is lower,” explains Mike Wittner, head of oil market research at Societe Generale SA in New York. “Even though we’ve made this shift from an oversupplied to a balanced market, our short-term caution comes from inventories still being high and crude coming back from disruptions.” | |
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