News | Forex Optimum

News

News

Oil prices could be as high as $75 in a year’s time - oil expert

CNBC reports that oil expert Dan Yergin said that demand and supply pressures will offset each other in the oil market, and it’s possible for prices to remain in its current range in a year’s time as countries recover from the coronavirus crisis.

“If we really do have the rest of the world recover, I think it’s reasonable to think that oil would be in that $60 to $75 range,” the vice chairman of IHS Markit said.

“That’s what the markets are telling us as the U.S. recovers, and China has already recovered,” he told.

While one trader sees prices potentially spiking to $100, Yergin’s perspective is that a lot of supply is still offline, and can meet a surge in demand as global economies recover.

“There’s still a big surplus of oil that has to be brought back into the market,” he said, noting that OPEC and its allies helped to lift prices by cutting production by nearly 10 million barrels per day.

“There’ll be offsetting pressures, and more supply would come in and we’d start to see the U.S. coming back into production again,” he said.

But Yergin acknowledged that it’s difficult to predict where prices will be, and said Europe’s recovery hangs in the balance.

You may also be interested:

22:29 14.05.2021
Key events for next week: Japan GDP, Britain and Australia unemployment rate, Britain and Canada consumer price index, Fed meeting minutes, eurozone, Britain and the United States PMI indices
On Monday, at 02:00 GMT, China will announce changes in fixed asset investment, industrial production and retail trade for April. At 06:00 GMT, Japan will announce a change in machine tool orders for April. At 06:30 GMT, Switzerland will publish the producer and import price index for April. At 10:00 GMT, in Germany, the Bundesbank's monthly report will be released. The Eurogroup will also meet on Monday. At 12:15 GMT, Canada will announce a change in housing starts for April, and at 12:30 GMT -
17:57 14.05.2021
Canada’s manufacturing sales increase in line with expectations in March
Statistics Canada released its Monthly Survey of Manufacturing, which showed that the Canadian manufacturing sales climbed 3.5 percent m-o-m in March to CAD57.84 billion (highest level since June 2019), following a revised 1.1 percent m-o-m drop in February (originally a 1.6 percent m-o-m decline). This marked the largest monthly increase in manufacturing sales since July 2020.Economists had anticipated a gain of 3.5 percent m-o-m for March. According to the survey, sales grew in 17 of 21
17:37 14.05.2021
U.S. business inventories increase 0.3 percent in March
The Commerce Department announced on Friday that business inventories rose 0.3 percent m-o-m in March, following a revised 0.6 percent m-o-m gain in February (originally a 0.5 percent m-o-m increase).That was in line with economists’ forecast for a 0.3 percent m-o-m advance. According to the report, stocks at wholesalers jumped 1.3 percent m-o-m, while inventories at manufacturers rose by 0.7 percent m-o-m. At the same time, stocks at retailers declined 1.4 percent m-o-m.
Deposit
options
Trading
platform
download
Bonuses VIP