Last Updated :
09 September 2008 at 10:05 IST
Oil prices would remain at $50-100: Fitch
Commodity OnlineMUMBAI: Gone are the days of the high rise predictions for crude oil. Two months after analysts predicted that oil prices would skyrocket to $200 per barrel, oil prices have plunged to around $100 per barre.
Now, a leading global rating agency says oil prices would further plunge below $100 and would remain between $50-$100 in the days to come.
According to the rating agency Fitch oil prices will remain in the range of USD 50- 100 per barrel despite fall in prices in the last few weeks.
"Companies whose margins are under threat from high crude oil and gas prices need to be prepared for crude oil prices to remain in the range of $50-100/barrel," Fitch said in a report.
Crude oil contract for October closed at around $109 a barrel on Friday from its all-time high of $147 a barrel.
The Fitch report said oil prices would continue to decline, particularly as the global economy slows. However, it does not anticipate that the price levels seen in 2004 and prior are likely to recur.
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