Scaroni Sees Iran's Oil Output at 5M B/D in 3 Years

Oil pared the biggest weekly decline in more than two months as a weaker dollar bolstered the appeal of commodities, countering concerns that global oversupply will take more time to clear. Futures rose as much as 1.3 percent in New York, trimming this week’s decline to 4.8 percent. "There is some rebalancing, and I believe the oil price will be in the region of $50, maybe $55 for the rest of the year," Paolo Scaroni, deputy chairman at NM Rothschild & Sons and former chief executive officer of Eni SpA, told Bloomberg's Francine Lacqua on "The Pulse." "I personally believe there is a cap. If prices go beyond $60, shale oil producers will start all over again."

Michael Bloomberg on U.S. and China Relationship
47:32 - The inaugural Bloomberg Global Business Forum brings together a collection of world leaders, global business executives and top investors to discuss innovative and collaborative ways to solve new opportunities and challenges to global economic growth. Michael Bloomberg, founder and majority owner at Bloomberg LP, and founder of Bloomberg Philanthropies, speaks with Francine Lacqua about the expectations he has for the event. (Source: Bloomberg)
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