Ed Morse, global head of commodities research at Citigroup, flags Oil price weakness despite the previous week’s surprise supply cuts from the Organization of the Petroleum Exporting Countries and its allies (OPEC ) during an interview with Bloomberg.
Oil prices are likely to fall below $80 a barrel even with OPEC’s recent apparent efforts to support that level with unexpected cuts.
China’s long-awaited recovery has been slower than expected, while the prospect of economic slowdowns in the West is crippling demand.
We’re waiting to see what’s really happening with the economy, but it is a slower recovery.
If anything, that will be an end-of-year phenomenon.
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