Oil prices will average around mid-50s one year from now
With crude oil prices slipping nearly 20 per cent from their peak levels, Singapore–based Sammy Six, senior analyst at S&P Global Platts tells Puneet Wadhwa the market dynamics are luring traders and market participants with an incentive to store now and sell later. Edited excerpts: What explains the crude oil price fall? Prices declined since the Organization of the Petroleum Exporting Countries (Opec) and non-Opec countries decided to roll over the output cut agreement in May. The market had already priced in an extension due to supporting chatter from Saudi Arabia .