World’s top oil trader says prices won’t rise much further

LONDON (Bloomberg) -- Oil prices won’t rise much further over the next year and a half as demand growth slows and refiners comfortably meet gasoline consumption, according to the world’s largest independent oil-trading house.

"I cannot see the market really roaring ahead," Vitol Group of Cos. CEO Ian Taylor told Bloomberg Television in an interview. "We have a lot of oil in the system and it will take us considerable time to work that off."

Since rallying from a 12-year low of $27.10/bbl in January, Brent crude has been hovering around $50/bbl for the last month. The international benchmark will probably end the year “not too far away from where we are today" and rise to about $60 by the end of 2017, Taylor said.

http://www.worldoil.com/news/2016/7/5/world-s-top-oil-trader-says-prices-won-t-rise-much-further