Oil price is unpredictable, Wadah Al Taha, CISI, UK
Sreenivasa Rao Dasari With OPEC’s deal on production cut beginning from January 1, 2017, all eyes are on the oil price forecast for next year. Soaring over 20% from $46.38 just a day before the crucial meeting of OPEC, which accounts for 40% of the world's crude oil, Brent indicated year's high at $56.09/bbl on December 27. Year 2016 witnessed wide fluctuation of oil price as it tumbled to $27.88, lowest since 2003, on January 20. This is because of several non-OPEC and non-fundamentals influencing the oil price, Wadah Al Taha, UAE Advisory Board member at Chartered Institute for Securities and Investments (CISI), UK, tells The Dollar Business. On November 30, 2016, the OPEC cartel has agreed to limit production for 6 months ...
