Gunvor Sees No Return to $100 Oil Once Price Plunge Is Reversed
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Oil prices won’t recover to $100 a barrel once a current rout is reversed, said the head of research at Gunvor Group Ltd., a firm trading more than 2.5 million barrels of crude and fuels each day.
“Once we are through this bearish phase, prices will rise again but not to triple digit figures,” David Fyfe said at the Platts Oil Storage conference in Amsterdam on Thursday. Saudi Arabia, the nation leading OPEC in defending its share of global oil market, will resist $100 to $120 a barrel crude, he said, without specifying for how long.