Oil could fall to ‘$20s’
Thina Saltvedt, chief analyst Macro/Oil at Nordea Markets, has been quoted in Norway suggesting that the price of oil could fall below $30 because of ongoing supply and demand factors.
With both Brent and West Texas Intermediate benchmark prices falling further in London on 11 January, Saltvedt has been quoted by Dagens Næringsliv as saying that it may not be long before prices “in the 20s” light up the screens of traders.
Saltvedt was similarly quoted by Norwegian state broadcaster NRK last week also noting the downside risk to the global price of oil (www.twitter.com/ThinaSaltvedt)
According to data from the Oslo Børs (stock exchange), the Norwegian energy giant Statoil has shed almost 14% of its capitalisation value over the past week.