Oil prices are moving up to 10-20 dollars per barrel and it’s not a joke – experts warn. WTI crude oil price per barrel in the US fell from the beginning of June 2015. By 30 per cent., The strongest since we began trading contracts for gas in 1983.
Such falls in prices for WTI was not recorded even in the summer during the global financial crisis of 2008., the collapse of markets in Asia in 1998. and during strong surplus raw material for fuel exchanges in 1986.
Benchmark WTI oil grew cheaper at the end of last week to the lowest level in six years – a barrel in New York paid only 41.35 USD. Further reduction in raw material prices are very possible – Citigroup Inc. analysts predict.
The situation in the oil markets is intensifying more and more, because oil-exporting countries of OPEC are pumping this material near record levels in order to defend its interests in the global oil market . There also weaken US oil production from shale.
Oil demand normally rises during the holiday season travel in the United States and greater use of air conditioning at this time of the year in the Middle East.
Experts warn that the price of crude oil in the US may fall up to $ 10 per barrel.
Oil & amp; Gas Journal, January 2015
– Oil may cheapen the range of 10-20 dollars per barrel due to the OPEC countries led by “war price “with other world producers of raw materials – says Gary Shilling, president of A. Gary Shilling Co.
– The cartel is testing the strength of its competitors in terms of” who is the first to break and start to reduce oil production “- said Shilling in an interview with Bloomberg TV. – OPEC essentially says, “There will lower oil production. We’ll see who can stand its low price” – he added.
PAP
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