Citigroup has been quoted as predicting oil prices will not return to its 3-digit high before the coronavirus hit as oil product demand growth will falter significantly. This is further supported by longer term supply costs reducing in recent years, plenty of supply already offline and production returning at $45 a barrel. A space to keep watching here. However, WTI (West Texas Intermediate) crude (North America’s oil benchmark) was trading at $39.8 at press time – which could be attributed more to the OPEC output cut deal + positive sentiment on global economy recovery.
تم التحرير 02 Jul 2020, 14:13
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