Oil prices may take a blow yet again
Oil may re-start its southwards journey soon.
Crude may hit sub-$40 (Dh147) per barrel as more supplies from US shale threaten the recent recovery even as stockpiles of refined products continue to rise.
On Friday, Brent crude traded at $42.17 per barrel, its lowest level in three months. Oil has slipped 18 percent since early June after almost doubling from a 12-year low in February. The global oversupply has eased amid supply disruptions from Nigeria to Canada, high inventories of both crude and refined fuels coupled with signs of faltering demand growth have stifled the recovery.
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