2016 oil prices to stay in range of 40 to 60 U.S. dollars per barrel: World Energy Council

Mar 16, 2016 According to the World Energy Council, the global oil prices will remain low in the short terms despite a recent rise.

The price of Brent crude climbed back to 40 U.S. dollars a barrel recently, however some experts insist that the gains will be short-lived, as the global supply continues to outweigh the demand.

Commenting on this, Christoph Frei, secretary-general of the World Energy Council, said:

“What we see is it’s not only true for oil, it’s true for natural gas. That on the commodity price side, we have oversupply, we have at the same time lower growth than expected, we have storage capabilities that are full charge, and all that together describes the situation that we do not see prices going up in the short term,”