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Report: Catherine Clifford
An energy economist who's watched oil markets for 30 years is predicting the oil price will fall by Christmas.Overnight, the US Congress tried to blame speculators for pushing up the price, after it rose another $5 to $136 US a barrel.Commercial stockpiles of crude in the US have also fallen by nearly five million barrels in the past week.But Deutsche Bank's Adam Sieminski denies there's manipulation in the energy markets."If we go out to the period, let's say, to 2015, which is only seven years away, we might see demand approaching 100 million barrels a day, with the possibility that supplies could be fixed at 95 million barrels a day," he says."And if you've got a five million barrel a day discrepancy in the oil markets that means prices have to move higher."
In this report: Adam Sieminski, energy economist, Deutsche Bank, New York
An energy economist who's watched oil markets for 30 years is predicting the oil price will fall by Christmas.Overnight, the US Congress tried to blame speculators for pushing up the price, after it rose another $5 to $136 US a barrel.Commercial stockpiles of crude in the US have also fallen by nearly five million barrels in the past week.But Deutsche Bank's Adam Sieminski denies there's manipulation in the energy markets."If we go out to the period, let's say, to 2015, which is only seven years away, we might see demand approaching 100 million barrels a day, with the possibility that supplies could be fixed at 95 million barrels a day," he says."And if you've got a five million barrel a day discrepancy in the oil markets that means prices have to move higher."
In this report: Adam Sieminski, energy economist, Deutsche Bank, New York
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