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Commodities Briefing - Categorized | Market Moves, Oil more

Forecast demand fall will push oil price down to $80

Posted on 03 January 2014

Oil prices are forecast to range between $80 per barrel and $90 pb, largely due to fall of demand as compared to supplies. Oil expert Khaled Boudai told KUNA in an interview that the predicted decrease of the crude price would be as a result of fall of supplies of Iranian, Iraqi and Libyan oil, with the international economic blockade on Iran is forecast to ease off, Iraqi crude output would climb and Libyan crude exports would resume.
Forecast rise of the oil supplies, in 2014, will range between 1.5 to two million barrels per day, thus a market glut is foreseen, simultaneously with prices’ fall. In case supplies decreased by more than one million bpd, the Brent oil price would be in the range of $90-100 pb, he said, adding that shale oil would not significantly affect the prices………………………………………..Full Article: Source


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