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Crude prices could average $65/barrel in 2019, says Jonathan Barratt of Probis Securities

Updated : December 04, 2018 02:41:31 IST

Jonathan Barratt, CIO at Probis Securities, spoke to CNBC-TV18 about the weakness in steel prices owing to oversupply and his outlook on the steel and oil sector.

"Over the next month we are expecting higher base metal prices and given that the market has been short for some time, it should see some healthy gains," Barratt said on Tuesday.

"When you look at aluminium, copper and zinc the market has been relatively short for some time on back of expectations that US and China wouldn’t come to an agreement. However, around Christmas time when the liquidity is low in the market, there could be some aggressiveness to the topside."

With regards to crude prices, he said, "The market is well short and so expect a bit of bounce going forward. The OPEC may put some constraints on production as well, he said. According to him, the crude prices could average around USD 65/bbl for 2019."

 

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