| Oil prices will stay around $60 a barrel for the next five years as China's economy cools down, economist Andy Xie told CNBC on Thursday. Oil prices had risen so high because of China's boom, the former Morgan Stanley and IMF senior economist said in a "Squawk Box" interview.
China is now transitioning from a 15-year super cycle that built up a massive industrial machine, and the economy must cool down to digest overinvestment, which will drag down commodity prices, he said. "When China goes into normal situation, I think that the oil price will become normal, too, so $60 would be the normal price for the next five years or so," he said...............................................Full Article: Source
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