Oil prices expected to stay in a range of $50-$60, says BP CEO

Oil prices expected to stay in a range of $50-$60, says BP CEO:

"Oil prices are expected to hold between $50 and $60 a barrel as bloated global stocks fall after a deal between OPEC and other producers to trim output, BP Chief Executive Bob Dudley said on Thursday.

“It was always going to take quite a while for stocks to come down. But for the OPEC and non-OPEC producer agreement, from everything we see, there is broadly compliance in place and stock levels are coming down,” Dudley said in an interview with Reuters.

“We don’t expect a spike up in prices nor do we expect a big drop in prices. So we’re all trying to make our way in this world of between $50 and $60 and I would expect that to continue.”"



'via Blog this'