BP: Oil Is “Finely Balanced” At $60

The Brent Crude price is finely balanced at US$60 per barrel, but the U.S.-China trade spat will likely drag oil demand and, as a result, oil prices, lower rather than higher, Brian Gilvary, the chief financial officer of one of the world’s oil supermajors, BP, told Reuters on Tuesday. “It really is finely balanced at around $60,” Gilvary told Reuters after BP reported a 41-percent slump in its third-quarter net profit due to lower upstream earnings on the back of low oil prices, maintenance, and weather-related shut-ins. According…