Expert: oil price could fall below $20 due to the almost complete filling of the storage tanks

Expert: oil price could fall below $20 due to the almost complete filling of the storage tanks


NEW YORK, February 9. /Corr. Igor Borisenko/. The price of oil could fall below $20 per barrel, due to the practically complete filling of the storage tanks. This opinion was expressed Tuesday in an interview with Bloomberg TV head of commodities research at Goldman Sachs Group Inc Jeff Kerry.

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He referred to the fact that commercial stocks in Kalinga (Oklahoma), where oil is the main distribution center USA in mid-January it reached to 64.2 million barrels, that is, the highest level since 2004, when the U.S. Department of energy began to publish regular reports on oil storage tanks.

“Once you reach the level at which opportunities for further filling of the storage tanks, the prices should fall,” said Jeff curry, adding that “will not cause surprise, if the price of oil will fall below $20 per barrel”. According to experts, in the next 6 months the price of oil will be in the range of $20 to $40 per barrel.

The price of oil WTI today on the new York stock exchange ranged from $30 per barrel after January 26 fell to $26 per barrel – the lowest level in the past 12 years.

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Oil prices over 40 years

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