World's top traders divided on oil outlook as Iran sanctions loom | Reuters:
The world’s biggest trading houses said on Wednesday they saw oil prices not falling below $65 per barrel and possibly breaking above $100 next year as U.S. sanctions on Iran reduce crude exports from the Islamic republic.
The range of views illustrates deep uncertainty among top industry players over the outlook, given the reimposition of sanctions on Iran and forecasts of slowing economies and energy demand in 2019, potentially leading to choppy trading.
Oil has rallied this year on expectations the sanctions, coming into force on Nov. 4, will strain supplies by lowering shipments from Iran, OPEC’s third-largest oil producer. Brent crude LCOc1 last week reached $86.74, the highest since 2014.
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