Banks warns, oil price to stay lower for more time

(MENAFN) Two of the world's largest banks warned last week of a "lower for longer scenario" for oil prices, according to their officials.

Global head of commodities research at Citibank, Ed Morse, told the audience speaking at a panel on oil prices in Kuwait on Oct. 18 that he expects to see oil prices staying in a range between USD40 and USD60 per barrel for the coming 10 years.

"There was enough crude in the oil market and that technology was allowing many producers, mainly in North America, to produce crude at a lower cost, thus competing in the low-oil-price environment", Morse said.


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