Crude oil prices are likely to trend lower in the coming months as global supply continues to exceed demand, said Richard Redoglia, CEO of Matrix Global.

“I sense that prices are doing exactly what they should - they’re trending lower,” Redoglia said. “The market has found a balance, but it’s just a bounce. We have too much crude in the world, and the supply-demand balance favours prices moving lower.”

He expects oil to fall to around $55 per barrel, a level he has been watching for several months. Redoglia said that after the “first Iran crisis,” short positions in the market were covered, but “those shorts are starting to come back into place, and that’s what we’re seeing right now - the market is under pressure.”

On the geopolitical front, Redoglia commented on the impact of US tarif

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