Oil prices continued their downward spiral Friday, falling more than $1, after a short-lived rally of around 5 percent the previous day, as concerns of a disruption to supplies in the Middle East appeared to ease. Against this backdrop, hedge fund managers said the oil price would remain volatile and could even fall as low as $30.
“I believe we have a chance to go down to $30 and then going back up towards $50 or so by the end of the year,” Pierre Andurand, who made his name and fortune in 2008 by predicting a sharp rise and collapse in oil prices, told CNBC.
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