Oil prices won’t rally and may fall further in 2019 as a slowing global economy and booming U.S. output help offset the loss of Iranian barrels, the world’s biggest oil traders told the Reuters Global Commodities Summit.
Oil prices briefly spiked in early October to a four-year high above $85 per barrel buoyed by concerns about whether the market would be able to handle U.S. sanctions on Iranian oil that kick in next week.
Estimates on how much Iran will be able to export vary wildly and even its current export levels have become increasingly opaque. Read More
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