Experts overwhelmingly see oil prices dropping over the near term as supply growth and geopolitical unrest battle for market sentiment, according to the latest PIW survey of leading oil price pundits. That supply growth is expected to emerge as the victor is testament to the sheer scale of the US shale revolution, given that the current mix of tensions between Russia and Ukraine, US military intervention in the conflict in Iraq and Syria, and militant groups active near oil-producing regions in the Middle East would normally be sufficient to give a boost to prices (JFI May19’14).
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