Oil Prices Are Stabilizing and Will Increase, Says Greene
It’s almost time to short this year’s crude rally, according to the new chief executive officer of Phibro LLC, the century-old commodities firm that was once the largest independent oil refiner in the U.S. Simon Greenshields, who became Phibro’s CEO in January after his firm bought the merchant trader, recommended shorting benchmark West Texas Intermediate crude at $50 to $55 a barrel. Members of the Organization of the Petroleum Exporting Countries, meeting next month, probably won’t cut output, and Iran’s production is set to rise, Greenshields said in an interview Wednesday. Manulife Asset Management Chief Economist Megan Greene discusses with Bloomberg's Anna Edwards on "Countdown."
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