Oil prices at $50 ‘almost impossible’ by year end

Northern Trust’s chief economist has cast serious doubt over the possibility of a significant oil price recovery this year as the ongoing price war continues.

Carl Tannenbaum warned that such is the oversupply of oil at the moment it is “almost impossible” that prices will recover to $50 by the end of the year.

Crude oil prices continued to hover around $30 a barrel yesterday after prices saw their third biggest daily fall in eight years earlier in the week.