Oil: Plan For $60 and Let Others Hope For $100, says Lien
The oil market is rebalancing, but don’t count on ever seeing prices at $100 a barrel again: that’s the message from Norway’s petroleum and energy minister. Brent crude has surged more than 70 percent from a 12-year low earlier this year as a global glut shows signs of easing, bringing relief to oil companies and producing countries like Norway, which have been pummeled by the worst market downturn in a generation. While it’s “quite obvious” that the supply and demand will return to equilibrium, it doesn’t mean Norway is planning -- or even hoping -- for prices to go back to what they were, Tord Lien said in a Bloomberg TV interview at the ministry’s offices in Oslo.
Most Recent Videos
How Markets May Reflect Bannon's White House Exit
51:18 - Stephen Bannon will leave his role as chief strategist to President Donald Trump, with today being his last day in the White House. Bloomberg Intelligence's Gina Martin Adams looks at what Bannon's exit means for markets on "Bloomberg Markets: The Trump Economy." (Source: Bloomberg)