Oil trader Vitol sees softer oil price in short term: CEO - Reuters:
The chief executive of the world’s biggest oil trader, Vitol, told Reuters he expects a weaker oil price in the short term but does not see sustained levels below $50 a barrel.
Global oil prices fell sharply last month on signs of a slowing world economy and the on-going trade war between the United States and China.
“I expect a softer price in Q4 but it is unlikely to be sustained below $50 a barrel because that means $45 for shale, which would result in capex being cut,” CEO Russell Hardy said.
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