OPEC says oil prices moving up too fast; Qabazard says price could drop on weak fundamentals

摘要

Abu Dhabi-Oil prices at $68/barrel are being affected more by non-fundamental factors such as investment fund activity in the market and could fall again because fundamentals remain weak with a supply overhang of 330 million barrels weighing on markets, the head of OPEC's research department said June 2. "Prices are being affected more by non-fundamentals rather than by fundamentals," Hassan Qabazard said at the World National Oil Companies Congress in Abu Dhabi.