We Have a Lot of Oil in the System, Says Vitol's Taylor
Oil prices won’t rise much further over the next year and a half as demand growth slows and refiners comfortably meet gasoline consumption, according to the world’s largest independent oil-trading house. "I cannot see the market really roaring ahead," Vitol Group of Cos. Chief Executive Officer Ian Taylor told Bloomber's Ryan Chilcote. "We have a lot of oil in the system and it will take us considerable time to work that off." Since rallying from a 12-year low of $27.10 a barrel in January, Brent crude has been hovering around $50 a barrel for the last month. Bank of America Merrill Lynch Head of G10 FX Strategy Athanasios Vamvakidis discusses with Bloomberg's Anna Edwards and Manus Cranny on "Countdown."