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Market Changes Required for Oil market to Trade Over $100/bbl: Trafigura

OIL

Global oil prices may stay under $100/bbl for the rest of the year according to Trafigura’s chief economist.

  • "Given the macro headwinds, I think generally prices will struggle ... despite imminent sanctions," Trafigura's chief economist Saad Rahim said.
  • "So far the market has been more redirection than reduction, but I think it is unclear from here," Rahim said.
  • "The balance of risks and what we know today suggests that it would take quite a few changes in the market for oil to trade well above $100," he said.
  • On OPEC, Rahim added "We're well below $90 and they have not reacted. So I think they are looking at totality of market conditions to say okay, actually demand today is still relatively holding up."
Energy BulletsCommodities
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