MARKET NEWS
An Oil Slump Could Take Prices Into $40 Range - BARRON'S
Avi Salzman
Oil prices could fall below $50 this year as a flood of new supply from OPEC and its allies comes onto the market in the coming months, according to a new projection by S&P Global Commodity Insights released on Monday. The projection comes after oil had its best week of the year, with West Texas Intermediate crude prices rising 6.2% to $64.58 per barrel. Brent crude the global benchmark, also had its best week of the year, rising 5.9% to $66.47.
