World’s Biggest Oil Traders See Wildly Diverging Crude Price
- Gunvor and Glencore see crude at $60 as demand growth quickens
- ‘Huge’ wave of U.S. shale could push price to to $45: Vitol
Vitol CEO Sees Oil Above $60 Without Kurdish Supply
This article is for subscribers only.
The world’s biggest oil traders say crude could rise above $60 a barrel in a year as demand grows and OPEC keeps cutting. Or it might fall to $45 as another wave of U.S. shale hits the market.
The disagreement between Glencore Plc, Gunvor Group Ltd. and Trafigura Group Pte on the bullish side, and Vitol Group on the other, underscores the huge uncertainty over the key drivers of oil supply and demand. Growth in consumption has been stronger than expected this year, helping the recent price gain, but the speed of the expansion in U.S. output has also proved hard to predict.