1450 here we come7 Dec 2015 10:23
courtesy reuters
Others disagreed. Patrick Pouyanne, Chief Executive Officer of French oil company Total, said at the same event that he did not expect prices to recover next year as production growth was set to outstrip a rise in demand.
"It is not unreasonable to assume that downward pressure on prices will remain for the foreseeable future, as it will take time for low prices to materially scale back production," said analysts at Cenkos Securities.
In a sign investors expect prices to remain weak over years to come, WTI forward contracts out to 2024 have dropped below $60 a barrel.