World’s Top Oil Trader Says Prices Won’t Rise Much Further
Vitol CEO Ian Taylor says crude to end 2016 near $50 a barrel Sees weaker demand growth in China and the rest of Asia Oil prices won’t rise much further over the next year and a half as demand growth slows and refiners comfortably meet gasoline consumption, according to the world’s largest independent oil-trading house . “I cannot see the market really roaring ahead,” Vitol Group of Cos. Chief Executive Officer Ian Taylor told Bloomberg Television in an interview. “We have a lot of oil in the system and it will take us considerable time to work that off.” Since rallying from a 12-year low of $27.10 a barrel in January, Brent crude has been hovering around $50 a barrel for the last month. The international benchmark will probably end the year “not too far away from where we are today” and rise to about $60 by the end […]