Saudi Arabia: Crude price upturn likely short term
Issue 988
- 05 Mar 2015
| 3 minute read
Only the most bullish analysts think the trends that pushed crude oil prices upwards in February – when Brent gained 18% (rising to $62/bbl), the largest monthly increase since May 2009 – are more that a short-term boost. Brent crude fell by more than 3% on 2 March, to around $60/bbl, on a range of news (suggestions that Iran could reach a nuclear deal, Libyan crude output rising and the dollar strengthening). But fundamentals are likely to hold down prices during 2015, led by record high global stocks and continued Saudi determination to see off challenges to its market share.
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