Probes Securities on Wednesday said it expects crude oil prices to slide further to $57-58 per barrel as a surge in US stockpiles reinforced concerns about lacklustre global economic growth.
In an interview to CNBC-TV18, Jonathan Barratt, chief investment officer, said, "Weekly inventories are coming through, and if that continues to build, then you could see quite a sell-off in the prices of oil."
On the US-China trade talks, he said, “US President Donald Trump comes to a level and then he backs down. We are not getting any closer to a resolution. So, I get a sense that everyone is optimistic about it and this has been something that has been looming across the market for some time and has held up a lot of the markets anyway. So, I am not a 100 percent conclusive that we will get a finalised deal, as a result of that I think, it could add more pressure to a lot of other commodities."