Expert: – Oil downturn will be short-lived

DNB services stress testDNB logo. Photo Norway Today Media.

Oil prices dropped quickly after Sunday’s failed OPEC meeting, but the downturn will not last long, oil analyst Torbjorn Kjus of DNB Markets said.

There is a negative signal, but within a few months, oil prices will be back at a higher level than before the weekend, said Kjus to NRK news after the meeting in Doha in Qatar, where OPEC failed to agree to freeze oil production.
Shortly after the exchanges opened in Asia on Monday  the price of a barrel of North Sea oil for delivery in June had fallen by $ 2.23 – over 5 percent. Kjus thinks the price may very well continue to fall by 5 dollars a barrel during the week.
– But I  think I would consider it to be an opportunity to buy shares and get a profit, for after about three to four months, the prices will have increased significantly , he predicts.


Source: NTB scanpix / Norway Today