Sen said in which $60 to $65 per barrel range for oil was the “fresh range for Brent.”
“The move up to $60 was very much a fundamentally driven move. We have seen phenomenal demand right through the last two years, along with particularly This particular year, along with supplies have been falling thanks to OPEC, however also non-OPEC supplies haven’t risen by as much as people thought.
“Since then, however, we have seen a flare-up of geopolitics, Saudi Arabia along with Iran relations have deteriorated along with, as a result of in which, we have seen a significant uptick in prices along with in which’s the correction you’re seeing currently. Some of those geopolitical issues haven’t gone away, however they’re not from the limelight.
“You’re going to see a volatile range between $60 along with $65 however This particular is usually the fresh range for Brent as opposed to the $50 to $55 range in which we had even just a few months ago.”
Sen spoke come ahead of a meeting of OPEC oil producers at the end of November where the expectation is usually in which oil output cuts will be extended beyond the current expiry date of March 2018.
“The market is usually becoming a little more skeptical about in which because Russia has raised concerns in which, at $60 to $65 a barrel, shale oil is usually going to grow a lot more strongly so there are some reports in which the decision could be delayed to February or March when the deal expires.”
Energy Aspects believed in which there could be a decision at OPEC’s November 30 meeting, however, because markets were expecting such a move along with, Sen said, “the stakes are too high.”
“The market is usually expecting in which along with if they don’t do anything prices could fall sharply,” she said.