Signs of demand for crude coming off: Mark Matthews

Mark Matthews of Bank Julius Baer and Co, on Tuesday, said that he is seeing signs of demand coming off for crude oil.

“If oil was going back to USD 130 per barrel, I would be concerned, but I do not think it is. I think that we are already seeing signs of demand destruction, which obviously is bad for economic growth globally,” he said.

Talking about emerging markets, Matthews said, “They (EMs) do not like the strong dollar and we are facing a strong dollar now because the cost of debt goes up for them, their currencies do down and typically they do not like high commodity prices either and commodity prices are high. So they are facing headwinds.”