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World's Biggest Oil Trader Warns Crude Prices Could Dive Again
The world’s biggest independent oil trader said crude could resume a slump that saw prices fall 61 percent between June and January, as unrelenting growth in U.S. output leads to a “dramatic” build in the nation’s stockpiles. The oil market is slightly oversupplied, making another downward move possible in the first half before supply and demand balance in the last six months of the year, Ian Taylor, chief executive officer of Vitol Group, said Tuesday. There are no signs of slowing U.S. output even as the country’s drillers idle rigs, he said. Brent crude, a global benchmark, has rallied 27 percent from ... (full story)
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- pbylina
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Bismillah
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In the tempest of a fast moving market; not everyone is happy.
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He who fears being conquered is sure of defeat - Napoleon Bonaparte