September 9, 2019 / 8:30 AM / 6 months ago

Trafigura co-head of oil bearish on oil until year end, sees 2020 recovery

SINGAPORE, Sept 9 (Reuters) - The co-head of oil trading at global commodities trader Trafigura said on Monday he was bearish on the oil price until the year end as a global economic slowdown, the U.S.-China trade war and increased U.S. output weigh.

“The flat price had the best it’s going have this year, we’re bearish until year end. IMO will hopefully help us with recovery through 2020,” Co-Head of Oil Ben Luckock told the Asia Pacific Petroleum conference in Singapore.

Prices for international oil benchmark Brent peaked this year at over $75 a barrel in April before falling to about $62 a barrel currently.

Starting from January, a new lower cap on sulphur content in shipping fuel set by the International Maritime Organisation (IMO) will come into effect. The shift is expected to create many market dislocations.

He added that “uncertainty seems to be ruling at the moment,” such as from tweets by U.S. President Donald Trump. (Editing by Christian Schmollinger)

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