Oil won’t Drop Below $50

Even if the decrease in oil prices from $79 to $64 raised hopes for even lower prices, Turkey’s refinery giant Turkish Petroleum Refineries Corporation (TUPRAS) General Director, Yavuz Erkut, said the chances for a further decline in oil prices were minimal.

Erkut cited key events affecting the oil industry, such as the rapid development in China and India, the world’s limited refining capacity, political turmoil in Nigeria, the ban on using Methyl tert-butyl ether (MTBE) in the U.S. and the ongoing chaos in the Middle East.
Zaman