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Commodities Briefing - Categorized | Market Moves, Oil more

Oil rout over, Opec aims for US$50 anchor, says PIRA’s Ross

Posted on 08 March 2016

Major Opec producers are privately starting to talk about a new oil price equilibrium of US$50 a barrel, adding to signs that the market’s long, deep rout is officially over, says one of the industry’s leading prognosticators.
Gary Ross, the founder, executive chairman and chief oil soothsayer at New York-based consultancy PIRA, told clients 2-1/2 weeks ago that he reckoned the “lows are in” for crude, which was then about US$30 a barrel. U.S. futures have rallied since then to close at nearly US$36 on Friday, with a handful of analysts also cautiously calling a bottom………………………………………..Full Article: Source


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