World’s Top Oil Trader Says Prices Won’t Rise Much Further
- Vitol CEO Ian Taylor says crude to end 2016 near $50 a barrel
- Sees weaker demand growth in China and the rest of Asia
We Have a Lot of Oil in the System, Says Vitol's Taylor
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Oil prices won’t rise much further over the next year and a half as demand growth slows and refiners comfortably meet gasoline consumption, according to the world’s largest independent oil-trading house.
“I cannot see the market really roaring ahead,” Vitol Group Chief Executive Officer Ian Taylor told Bloomberg Television in an interview. “We have a lot of oil in the system and it will take us considerable time to work that off.”