International banks warn of low oil price to $ 10

Wednesday 13-01-2016 | 8:34:47

Twilight News / issued a number of major international banks warnings of a further decline in crude oil prices to reach $ 10.

The Daily Telegraph newspaper published an article based on the number of warnings from major banks of a decline in prices of crude oil price per barrel has bidden to $ 10.

The article says, you typed correspondence of Economic Affairs in the newspaper Mehreen Khan, said that the current oil prices, which fell below $ 30 amid warnings that it could fall to about $ 10.

The writer says Standard Chartered Bank was another bank, which reduced the future expect oil prices to $ 10 to join so to banks such as Goldman Sachs, RBS and Morgan Stanley.

The article points out that the price of Brent crude has fallen to its lowest level in 12 years, which is 30.41 per barrel, while West Texas Intermediate crude trading dropped to $ 29.93, a level last reached in December / December 2013.

Analysts have warned that the oil market will remain fundamentally unbalanced, as long as there is an increase in the supply and processing and recession in oil demand.

The article says that the last time oil prices fell to a level of $ 10 was at the height of the Asian financial crisis in 1998.