homemarket Newscommodities News$60 per barrel is more realistic level for Brent, says Jonathan Barratt of Probis Securities
$60 per barrel is more realistic level for Brent, says Jonathan Barratt of Probis Securities
Jonathan Barratt, CIO of Probis Securities, spoke to CNBC-TV18 about trends in commodities market and outlook on crude.
Jonathan Barratt, CIO of Probis Securities, spoke to CNBC-TV18 about trends in commodities market and outlook on crude.
“Some commodities are quite bullish. All we have to do is compare to what happened in iron ore as opposed to what is happening in copper. Iron ore is rallying just like crude,” Barratt said on Friday.
Sharing his views on Brent crude, he said, “I think Brent will spend more time higher than $50 per barrel to USD 55 per barrel band. I feel around USD 60 per barrel in my mind is more realistic".
“When I look at the Brent contract, I think we are more at the lower end of the new range. Out of the next meeting, we will have a little bit of surprise from Organization of the Petroleum Exporting Countries (OPEC). Saudi Arabian exports were sharply lower than what we had expected. That gives us an indication that they are trying to shore that market up sooner rather than later,” said Barratt.
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