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Commodities

Crude oil prices to trade in range of $50 to $70 per barrel, says Moody's

Updated : February 12, 2019 01:06 PM IST

He expects the volatility may get back on the back of OPEC production cuts and Iran sanctions appealing back in April.

The crude oil prices will start converging as the infrastructure bottlenecks get resolved in the US but it will not be as low as what we have seen in the past

Crude oil prices are likely to stay in the range of $50 to $70 per barrel, with muted volatility, said Vikas Halan, SVP - Corporate Finance Group at Moody's Investors Service. "The volatility has been a little bit muted over the last couple of months but still volatile and that is largely to do with not a lot of drivers coming in."

He expects the volatility may get back on the back of OPEC production cuts and Iran sanctions appealing back in April.

Halan further said, “We think there is a possibility that demand growth might just be underwhelmed given how the weak economic sentiment is and if the trade talks between China and US do not resolve and the tariff goes up then there would be further pressure on the demand side.”

“The crude oil prices will start converging as the infrastructure bottlenecks get resolved in the US but it will not be as low as what we have seen in the past," Halan noted.

"They would still be a difference between Brent and WTI, especially given that the US will continue to have oversupply and you will have a different situation in Asia where there is a significant deficit. So that part I don’t see prices converging to levels of differences of USD 1-2 maybe will stay at USD 5”, he added further.

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