Oil's biggest traders argue over what price should be
London
THE world's biggest oil traders said that crude could rise above US$60 a barrel in a year as demand grows and the Organization of the Petroleum Exporting Countries (Opec) keeps cutting production. Or it might fall to US$45 as another wave of US shale hits the market.
The disagreement between Glencore plc, Gunvor Group Ltd and Trafigura Group Pte on the bullish side, and Vitol Group on the other, underscores the huge uncertainty over the key drivers of oil supply and demand.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Anglo rejects BHP takeover bid as significantly undervalued
India rice prices at three-month low on shrinking demand
Gold prices set for weekly decline ahead of US inflation data
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns