In early June, namely June 9, costed light oil at most $ 51.64 on the commodity exchange in New York. Brent was at the same time traded as high as $ 52.83.
Oil prices had almost doubled from the bottom in January, when light oil at the lowest cost $ 26.03 and Brent cost $ 27.08.
Since the price of oil has fallen and Thursday morning cost light crude $ 41.9 and Brent $ 43.41. It is down respectively 18.9 and 17.9 percent.
But oljeoprisen may fall further, we believe Morgan Stanley – maybe middle down in the 30s again in the second half.
It is justified according to MarketWatch that down wind which has supported prices declines. The argument is partly that’s far too large supply of refined products such as petrol and diesel, which results in lower demand for oil from refineries. In addition, Morgan Stanley among others also revised down its estimates for GDP growth.
Meanwhile, the number of rigs in operation increased lately, giving greater supply in a market that already unbalanced.
in addition, the dollar strengthened again recently. Dollar index has risen 3.8 percent, while oil prices have fallen, and as stated in the chart from MarketWatch, sourced from FactSet, using oil prices and the dollar to go their separate ways.
Source: MarketWatch / FACS
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