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Oil Prices May Drop to $60 per Barrel Print E-mail
by Tom McGregor    Fri, Oct 17, 2014, 12:38 am

Global oil analysts are forecasting that crude oil prices could drop to as low as $60 per barrel.

Ria Novosti reports that, "Low crude oil prices can become the engine that re-stokes economic growth in the world, Director of Energy Security Initiative at the Brookings Institution, Charles K. Ebinger told RIA Novosti."

Erbinger is quoted as saying that, "I think we'll easily see [crude oil] prices go to $70 [per barrel], and I personally think they will go to $60."

According to Ria Novosti, "The slowing global economic growth is a contributing factor to the decline in crude oil prices, said Ebinger, but there are some other possibilities that could be upsetting the prices like rising global oil production in North America or oil that was out of the market due to political conflicts in various regions of the world."

Lower oil prices mean that the economy has not entered a rebound phase.

To read the entire article from Ria Novosti, link here:

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