Oil prices ‘to fall to $US20’ as Gulf states battle US shale drillers

Oil prices ‘to fall to $US20’ as Gulf states battle US shale drillers
# 14 January 2015 11:08 (UTC +04:00)

Baku – APA-Economics. Oil traders are betting that crude prices will hit a 20-year low of $US20 a barrel, as prices fell again and as Gulf producers stood firm on their plan to turn the screws on shale drillers in the United States, the Australian reported.

According to Nymex, the New York exchange, the number of contracts or options to sell US crude at $US20 in June has jumped from close to zero at the beginning of the year to 13 million barrels of oil.

The data shows how the outlook for prices has deteriorated in a month

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