Crude could fall to $30/barrel next year — and stay there for two years — according to Fereidun Fesharaki, chairman of consultants FGE.
Oil at $30/b oil next year if OPEC fails to deepen cuts, IAEE conference hears https://t.co/wUuljZcdya pic.twitter.com/RWTPCUkxBv
— Oilpro (@Oilprocom) June 20, 2017
Nymex Light Crude breached support at $45/barrel, signaling a primary decline. Expect further support at $40 but penetration of this would target the 2008 low at $30 and the 2016 low at $25 a barrel.
3 Replies to “Crude headed for $30 if OPEC fails to deepen cuts”
Yes agree that crude could fall into the 30’s , but $ 30 is a big call.
I think Oil will fall because it will be talked down by commentators—rather than for factual reasons.
Its almost like ” talk about it enough, and it will happen “. I think those who do a lot of the talking set themselves up to profit from the outcome.
Clearly $ 30 is a ridiculous price ( as was $ 38 per ton for IO ) but I wouldn’t be surprised if we get there, but it cant last, and the disseminators know this , and will profit on the upside as well.
“Clearly $ 30 is a ridiculous price…”
Not that ridiculous when we examine prices prior to 2004 adjusted for inflation. About average.
I agree. $40 is already making it hard for US shale miners to make money and shale oil in the ground drops 25% per year.
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