collected by :Jack Alex
A top oil trader is counting on President Donald Trump’s border tax to increase oil prices – helping American producers while hurting American car drivers.
At current relatively low oil prices, we believe that there is still room for the tax to be implemented.
We currently do not see strong downside risks to our current bullish outlook on oil prices.
On the demand side, the start of fiscal policies should be net positive for US oil demand growth and should offset slightly lower non US demand growth caused by a stronger US dollar.
The issue of the Trump border tax policy is a real wild card and could have a significant impact on US and foreign oil prices.
As it stated in
Russia’s Novak says sees oil price at $50-$60 in 2017: TASS
REUTERS/Heinz-Peter BaderMOSCOW Russian Energy Minister Alexander Novak sees global oil prices at between $50 and $60 per barrel in 2017, TASS news agency quoted him as saying on Sunday.
Russia’s Energy Minister Alexander Novak addresses a news conference after a meeting of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, December 10, 2016.
According to Interfax news agency, Novak also said that countries involved in a deal between OPEC and non-OPEC oil producers could reduce their output by more than 1.7 million barrels per day by the end of January.
(Reporting by Polina Devitt; editing by Jason Neely)
As it stated in
If BP is right, the oil price may never again hit $100
Hedge funds make record bet on rising oil price24 JanuaryThe oil price is in “familiar territory”, says Daily FX.
Daily FX says a significant movement up or down for reserves could help break the oil price “deadlock”.
BP predicted the effect on the oil market will be to persuade low-cost producers to stop short-term “rationing” of supplies and increase market share instead.
For the moment, oil prices remain trapped at that $55-a-barrel level.
The world is swimming in oil – and will be for the next three decades, oil major BP has claimed.