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2016-12-07 18:35:00

STATOIL SEES $60

STATOIL SEES $60

REUTERS - The balance between demand and supply in the oil market will shift earlier than previously expected due to OPEC's output cuts, with prices heading towards $60 a barrel next year, Statoil's chief executive said on Tuesday.

Brent crude futures LCOc1 hit $55 a barrel on Monday, the highest level since July 2015, after OPEC agreed on Dec. 1 to curb production by 1.2 million barrels per day (bpd) from January.

"It means that the rebalancing of the market can come at an earlier…

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Tags: STATOIL, OIL, PRICE, BRENT, WTI
Chronicle:
STATOIL SEES $60
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