Barclays: $70 More Likely Than $100

barclays

Oil industry titans are still not in agreement over what to expect from oil prices in the near future, with a wide array of guesses calling for both a spike in prices and a renewed downturn.

At the Oil & Money Conference in London, this disagreement was on display. Ian Taylor of Vitol, an energy trader, said that he expects oil prices to fall to $65 per barrel, while his counterpart at Trafigura said that triple-digit oil prices were likely before all was said and done.

A few weeks ago, $100 oil was all the rage, but the sudden volatility and turmoil in global financial markets has likely rocked some of that bullishness. Brent lost almost $4 per barrel over two days. There are plenty of reasons why oil could resume its upward climb, with the supply losses in Iran and Venezuela at the top of the list. But a new report from Barclays argues that even if oil prices spike, the spike would only be temporary. There are a few reasons why the bank believes that triple-digit prices are unsustainable…

Read more : Oilprice, 11.10.2018