Baku, Azerbaijan, Dec. 4
By Sara Israfilbayova – Trend:
Oil prices will drift higher next year with Brent pivoting around $70 and West Texas Intermediate (WTI) $60, Stephen Innes, head of FX Trading for OANDA, told Trend.
He noted that shale oil boom continues to bring on a lot of supply to a market that could create more supply issues next year.
The analyst underlined that despite the fact there is a slow down in China's economy, demand is expected to pick up slightly between one-two million barrels per day.
Speaking of OPEC, Innes stressed that the deal’s role diminishes in the bigger picture, while the triumvirate of super producersRussia, Saudi Arabia, the USwill drive oil prices.
“However, in the US, I think, there is also a growing consensus. After all, if WTI can settle in at $60, it provides a fantastic and lasting return for oil producers,” Innes explained.