Why Trafigura Just Set Its Short-Term Price Target For Oil At $50

Crude oil could decline to $50 a barrel under the double weight of geopolitical concerns and rising production in the United States. That’s according to the co-head of global oil trading at Trafigura, who spoke to Bloomberg. “I can see us drifting toward $50 in the short term, but I think the medium to long term price is $70 to $75,” Ben Luckock said, adding “We don’t think the current level of OPEC cuts and compliance is actually enough to make oil go higher.” It seems OPEC doesn’t think the current cuts…