Saxo Bank: Oil to fall to $40 in 2010
Oil prices are set to tumble to $40 per barrel (bbl) by the end of 2010, following spare capacity “sloshing around” in the world energy system and despite physical oil nearing peak production, says trading and investment house Saxo Bank. However, longer term it sees prices rising again.
"The peak of oil may already be upon us now or within the next few years, but the combination of the stable to expanding supply in the short- to medium-term, and the shock to consumption in the world's biggest oil consuming nations in recent years, means enough spare capacity is sloshing around in the world energy system to amply supply the market at the $70 dollar price point as we exit 2009," says Saxo Bank in its new report, Outlook for 2010: Year of Reflation
US light sweet crude for
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