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Bullish or bearish? Flip the coin

Published Thursday, April 23rd, 2015

According to Bloomberg, the Exxon CEO expects lower oil prices for several years. “People need to settle in for us to be in a different price environment for the next couple of years and then we’ll see where it goes”, Rex Tillerson said in a speech at the IHS CERAWeek conference in Houston Tuesday.

“Global oil supply and demand will balance out by the end of the year but an oil stocks overhang of as much as 700 million barrels will weigh on prices beyond 2015″, BP’s chief economist said on Tuesday. “It could take as long again for that stock to come down”, Spencer Dale told the FT Commodities Global Summit.

“Oil prices will likely dip briefly in the second quarter of 2015 as refineries undergo maintenance works, but they should not go below this January’s lows of $46 per barrel”, the head of Vitol, Ian Taylor, told Reuters on the sidelines of the FT Commodities Summit.

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Posted by Tamas Varga

Tamas Varga has been in the oil industry since 1992 and with PVM for 18 years. During his time in the industry he has gathered a range of experience in the oil markets. At PVM Tamas is in charge of data collection and analysis.