The Independent: oil could rise to $ 50 in June 3/8/2016
The Independent: oil could rise to $ 50 in June
3/8/2016 0 Comments
British newspaper The Independent predicted, rising global oil prices to $ 50 a barrel in the month of June.
Grant Smith wrote an article in the newspaper titled "Saudi Arabia in the face of global stocks of oil" deal with the oil crisis in the world.
The writer says that rival Saudi Arabia to American producers of shale oil market [normal] led to the dumping huge quantities.
He adds that if he was able to Saudi Arabia from the victory over the US producers during the current crisis, this does not mean the oil return to the old prices.
There are still about one billion barrels exist in the market since 2014.
According to International Energy Agency forecasts a continuation of the oil glut in the world for years to come, according to the article.
The article refers to a similar situation in the oil market in 1998 - 1999, when oil demand fell due to the financial crisis in Asia.
He cautioned Author Smith to the continued price of crude oil at the time to fall in spite of an OPEC cut its production in March / March and then in June 1998 until the price to less than $ 10 a barrel in December / December of the same year.
He added that oil prices did not begin to recover only in the beginning of 1999, when stocks fell in developed countries.
The writer refers to the expectation that the price remains lower than it was until 2012 when the fall of stocks held by the major powers.
The writer says that the month of June next may see the beginning of the high price of oil due to the depreciation of the US shale oil production was then up the price to $ 50 a barrel.
The Brent crude oil prices have been recorded since yesterday at around $ 40 in the first gain since the beginning of 2016.