No recovery in sight for crude until 2016 | GulfNews.com:
"Brent crude, which tumbled to its lowest level last seen in 2008, may see continued weakness in the near-term, but a modest recovery is in sight according to analysts as supply rebalancing takes place.
Brent for January settlement declined $1.80, or 4.5 per cent, to $37.93 (Dh139) a barrel on the ICE Futures Europe exchange. It was the lowest close since December 24, 2008. The contract decreased 12 per cent last week. This triggered a sell-off in local equity markets including Dubai, Abu Dhabi and Saudi’s Tadawul indexes.
The current bout of weakness has been triggered the indecision of the Organization of the Petroleum Exporting Countries in its December 4 meeting, where they abandoned price support for crude by removing Opec’s production ceiling in an already oversupplied market."
'via Blog this'
No comments:
Post a Comment