Citigroup's Morse Says WTI Under $30 Needed to Curb Output
- WTI Crude Could Fall Into $20s This Year, Morse Said
- Saudi Arabia Facing `Existential Crisis' Boosts Market Share
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After tumbling to six-year lows, U.S. benchmark oil prices must fall even further before producers begin reining in production, according to Ed Morse, head of global commodity research at Citigroup Inc.
Oil must slip below $30 a barrel for output to start declining, Morse said Thursday at a Platts oil conference in New York. West Texas Intermediate crude has fallen 25 percent this year to $37.75 on Aug. 24.