Guarav Sharma – Oil analyst at Sharecast – joins Tip TV CEO, Nick Batsford, to talk about how Chinese sentiment has weighed on the oil market, and whether it’s likely to bounce back from this.
Obsessions with China need to be tempered
The nosedive in oil price that we’ve witnessed over the last month is largely attributed to concerns surrounding China, but Guarav Sharma believes that this sentiment is misplaced. China are still importing 7million barrels daily, and remain net exporters of refined petroleum through the region.
$60 per barrel by Christmas?
Current prices for Brent are holding just below the $50 level. Sharma believes these could see a $60 high before the new year, but are still prone to volatility driven by fundamentals. He also believes prices could claw their way back to $75 per barrel much sooner than we expect.