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Wednesday, 13 April 2016

Worst of oil prices is behind us, say top oil traders

Dare we dream? Top executives oil-trading executives say the worst is behind us, at least when it comes to oil prices, Bloomberg reports. Some even predict prices will hit USD 50 per barrel by next year. “The down market is behind us,” Torbjorn Tornqvist, CEO of Gunvor Group Ltd., said on Tuesday at the FT Global Commodities Summit in Lausanne. “It is the beginning of the end of that for sure.” The world’s largest oil traders were meeting in Switzerland as OPEC and other producers are set to meet in Doha on April 17 to discuss an output freeze. “A ‘rebalancing’ of global crude oil supply and demand could take place by the end of the third quarter as production cuts by cash-strapped producers start to curb the current glut,” according to Trafigura Group Pte CEO Jeremy Weir.

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