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Current location:HOME>> News>> Industry News>> Oil Prices Could Revisit Sub-$40 a Barrel
Oil Prices Could Revisit Sub-$40 a Barrel
AUTHOR:admin PUBLISHED:2016-08-04 CLICK:正在读取

U.S. oil prices are now in a bear market by dropping more than 20% after hitting a 52-week high in June, when prices rose to $51.67 a barrel. High level of inventories, coupled with high productions from OPEC and the U.S., are likely to suppress prices further, analysts say. 

"Market intelligence firm Genscape reported that crude oil stocks at Cushing grew by 330,000 barrels for the week up till 26 July 2016. This added to the already bearish sentiment lingering throughout the day, pressuring oil prices lower to the day low," says Michael Poulsen, oil risk manager at Global Risk Management.

U.S. oil prices could fall below $40 a barrel in the coming weeks as the issues of oversupply that have plagued the oil market for at least two years remain unresolved, says Li Li, chief analyst at ICIS China. She says factors such as Brexit have already shaken up market confidence in global economic growth and the ongoing U.S. election campaign is also adding to market uncertainty. "The U.S. election has been quite dramatic so far," she says, adding that the outlook on China's crude consumption also remains murky as many local refiners are scaling back production in response to the glut of unwanted refined products in the domestic market.

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