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Epic Research
International crude oil prices on Monday fell unexpectedly due to concerns over falling global demand due to economic uncertainty in Europe and US. While Brent crude fell about USD 2 per barrel, US crude went below USD 96 a barrel. Unemployment data from Europe and the slowdown in the US manufacturing sector also stimulated the decline in oil prices.
In an interview with CNBC-TV18, Azlin Ahmad, Editor, Crude Oil, Argus Media said that fears of EU sanctions against Iranian crude will keep prices towards USD 100 level. He also does not expect Brent crude to correct to USD 80 levels even in a worse case scenario. It is likely to trade between USD 95-100 per barrel, opined Ahmad.
Besides, Ahmad said, the European Union sanction restrictions on insurance for tankers carrying Iranian crude is also keeping prices elevated. Further, he expects the current WTI-Brent curde spread to narrow down.
In an interview with CNBC-TV18, Azlin Ahmad, Editor, Crude Oil, Argus Media said that fears of EU sanctions against Iranian crude will keep prices towards USD 100 level. He also does not expect Brent crude to correct to USD 80 levels even in a worse case scenario. It is likely to trade between USD 95-100 per barrel, opined Ahmad.
Besides, Ahmad said, the European Union sanction restrictions on insurance for tankers carrying Iranian crude is also keeping prices elevated. Further, he expects the current WTI-Brent curde spread to narrow down.