Oil prices could fall below $70

The Institute of International Finance (IIF) said in a report issued yesterday that Brent oil prices could decline below $70 (Dh257.11) per barrel due to oversupply in the market.

“Global markets are now well supplied with crude oil as the United States, Russia, Saudi Arabia and Canada are each producing nearrecord volumes,” said Garbis Iradian, the IIF’s chief Mena economist. He said oil from the neutral zone, shared by Kuwait and Saudi Arabia, will resume sometime next year if they settle their dispute. Production at the neutral zone was about 0.5 million barrels per day in 2015.