Top traders see oil price sustained by tighter market in second half of 2019

Four of the world’s biggest traders expect the Brent oil price in 2019 to largely linger in the $60s a barrel with a slight rise in the second half of the year due to a tightening market, they said on the sidelines of the FT Commodities Global Summit.

“Having said that, the fundamentals will tighten a little bit in the coming months as refining capacity comes back online from turnaround and new capacity coming later in the year so more crude needs to be put on the market later on. U.S. shale is ramping up but it remains to some extent bottlenecked.”

The Organization of the Petroleum Exporting Countries would provide a cap on prices, Hardy said, as the group would not want to see the price to go above $80 a barrel for fear of demand destruction. OPEC is set to meet in June to discuss whether it will extend production cuts. These waivers are due to expire in April but the traders do not see Iran having a significant impact on the price on the expectation that some waivers will be renewed.

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Top takeaways for Canada’s private companies in the 2019 federal budgetInformation and inspiration for Canadian entrepreneurs, startups and small business leaders globebusiness Takeaway for Canadian corps.. Use political pressure to squirm out of bribery charges and if that fails the scum-bucket politicians you worked with will release a budget to distract the idiot voters. But you're still going to go to court so there's that.
Fonte: globeandmail - 🏆 5. / 92 Consulte Mais informação »