NO REVIVAL in oil prices in the new term, says economists

Dateline 2015-07-15, Malaysia Chronicle:

Crude oil prices may weaken further following the successful conclusion of a nuclear accord between Iran and six other major powers including the United States.

Crude oil prices have been falling since June 30 and they tumbled yesterday by more than US$1 after the Iran nuclear accord was announced.

While the restrictions on Iran’s oil exports would not be immediately lifted until international monitors report on the country’s compliance with the deal at the end of the year, speculation of more oil flooding the market amid weaker demand, has weighed on prices.

Alliance Research chief economist Manokaran Mottain told StarBiz that average oil prices could fall to levels seen earlier in the year depending on the extent and length of price drops.


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