Trading Giant Gunvor: $60 Could Be The Ceiling For Oil Prices

Oil prices are unlikely to soar much above the $60 per barrel mark, considering that this price level would incentivize a lot of oil supply, including from the United States, Torbjörn Törnqvist, chief executive at one of the world’s largest independent oil traders, Gunvor, told Bloomberg on Friday. “Once you hit $60 a barrel, any oil production out there is profitable, and the incentive for oil producers to hold back erodes real fast,” Törnqvist told Bloomberg in an email. Brent Crude prices were cents away from…