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Forget Mideast turmoil—oil moving lower: Analysts

Posted on 16 January 2014

Despite ongoing and unpredictable turmoil in the Middle East, analysts say oil is heading lower in 2014. Over the last several weeks, crude has been whipsawed by conflicting expectations out of the Middle East: Iran is seen as potentially increasing exports as it reaches a deal that curbs its nuclear ambitions, but at the same time, instability in Iraq and Libya have knocked more than 1 million barrels per day (bpd) of oil offline.
Regardless of whether violence in the Middle East takes a toll on supply, analysts say structural factors argue against crude moving higher from current levels. With or without the addition of Iranian supply, production elsewhere is expected to remain fairly consistent………………………………………..Full Article: Source


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