During the first six months of 2016, it looked as if oil prices were back on their way to $80 or even $100 a barrel as demand surged and supply started to fall. However, over the past few weeks oil prices have erased almost all of the year-to-date gains and analysts are once again competing over who can publish the lowest justifiable price target.
Source Research: Oil Is Still Heading To $20
In a research booklet sent out to clients at the beginning of this week, Societe Generale oil analyst Michael Wittner tries to explain why oil prices are now on the back foot, and why investors shouldn’t hold any hope for higher prices in the near-term.
Fundamentals indicate lower prices
There...
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