Nordea: Oil price may be headed back down below 50

For those living off of investments from energy companies, yesterday was not a good day. Statoil will not take a stand on new giant fields such as Johan Castberg until 2016. And Nordea cannot rule out that the oil price will decline to between 40-50 dollars again.

A price of less than USD 50 for a barrel of oil from the North Sea is not something the world has seen since the record-low level in January this year. But according to oil analyst Thina Saltvedt from Nordea Markets, one can no longer rule out the possibility of the price sliding back down to a level in the 40s, she says in a comment to Norwegian newspaper Stavanger Aftenblad.

"The market is overflowing with oil. We can't rule out that the oil price will drop back down to the 40s again. There is such a bad atmosphere in the market right now. We have gotten into a vicious circle," she comments to the newspaper.

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