Oil expert believes oil prices could fall by 10 percent

Oil expert believes oil prices could fall by 10 percentSaudi Arabia's Oil Minister Ali al-Naimi arrives to a meeting between OPEC and non-OPEC oil producers, in Doha, Qatar April 17, 2016. REUTERS/Ibraheem Al Omari

Oil prices may decline by 10 percent in the wake of the news of the lack of an agreement  in the oil cartel OPEC on Sunday , a chief  analyst believes.

There is a good possibility that oil prices will decline by 10 percent in the course of tomorrow and the next days. We have experienced growth of between ten and fifteen percent in recent weeks, this will now be reversed,  principal analyst for commodities at SEB Bjarne Schieldrop says to E24.
Several experts who newspaper spoken to predicts a drop in oil prices after the failure of OPEC in coming to an agreement on  a deal on locking the level of oil production.
– This is clearly a disappointment to the market. The oil prices may drop significantly tonight. By how much, we do not know as yet,  oil analyst Thina Saltvedt of Nordea told the newspaper.

Source: NTB scanpix / Norway Today

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