Largest Oil Traders: Oil Prices Aren’t Going Anywhere

Oil prices are not going anywhere, at least until this time next year. Brent Crude will still trade range-bound in the $50s a year from now, the heads of the world’s largest independent oil and commodity trading groups said on Wednesday. The still unresolved U.S.-China trade dispute, mounting evidence that global economies are slowing, and rising U.S. oil production will continue to keep a lid on oil prices in a market that has factored in too little—or none at all—geopolitical risk premium, the chief executives of oil traders…