Sultan Al Mansouri, the Minister of Economy, expects oil to trade between US$80 and $100 a barrel this year as the crude market continues to be buffeted by volatility.
Brent Crude, the benchmark for oil sold into Europe, hit a 16-month low of $95.63 a barrel yesterday after falling for a fifth consecutive day on negative economic data out of China and the United States. Prices later recovered to trade at about $97.90 a barrel.
"My expectation is it will hover between $80 and $100 depending on the situation - it could be more than that," Mr Al Mansouri said yesterday.
No comments:
Post a Comment