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Oil predicted to hover around $50 per barrel in midterm
30.06.2016
In the medium term oil prices will be hovering around $50 per barrel, Director of OOO Alpari Eurasia Alexander Sabodin said during an online press conference hosted by BelTA’s website.
The expert drew attention to the fact that since the end of January Brent crude oil has rallied from $27 to $53 per barrel in early June. But still it cannot gain a foothold above $50 per barrel. The price exceeded this mark several times already but went immediately down. Now oil again is challenging the level of $50 per barrel.
“There is some uncertainty and ambiguity because oil demand is recovering very slowly, and the situation with oil shale industry in the United States is not yet fully clear. The price above $50 per barrel can give a push to the reopening of wells at any moment and the oil production could be back almost at previous levels,” Alexander Sabodin noted. “Proceeding from this, we can assume that in the medium term, oil prices will hover around this mark without deviating from it much,” he added.
There is also great uncertainty with the prices for gold. “In June they fluctuated within a wide range: from $1,200 up to $1,350 per troy ounce. The prices for gold will depend on the monetary policy of the Federal Reserve and its action as regards the interest rates which is rather difficult to predict,” Alexander Sabodin noted.
Founded in 1998, Alpari Company is the largest forex broker in Belarus and the CIS and one of the leaders of the forex market in the world, offering a wide range of tools and services for online trading and investing.
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