Oil Prices Today
The price of OPEC basket of fourteen crudes stood at $60.58 a barrel on Thursday, 5 September 2019 compared with $58.97 the previous day, according to OPEC Secretariat calculations.
WTI Crude was US$56.43/barrel and Brent Crude US$60.97/barrel
Vitol, the world’s biggest independent oil trader, expects oil prices to weaken in the fourth quarter this year, although prices are unlikely to be below $50 a barrel for a sustained period of time, Vitol’s chief executive officer Russell Hardy told Reuters on Thursday.
“I expect a softer price in Q4 but it is unlikely to be sustained below $50 a barrel because that means $45 for shale, which would result in capex being cut,” the manager reportedly stated.
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