Most top experts from the oil industry do not expect oil prices to trade beyond $60 per barrel in the next 12 months. According to a Bloomberg survey at the Asia-Pacific Petroleum Conference in Singapore this week, 14 out of 15 senior oil traders and executives project oil prices to trade within a price range of $40 to $60 per barrel for the next year. “The issue is that once prices go up too fast, American drillers start to produce more,” Arzu Azimov, head of Socar Trading SA, told Bloomberg . “The market will stay in the corridor of $40 to $50, max $55.” Top analysts have once again been forced to revise down their expectations. Oil traders interviewed by Bloomberg said that they were more bullish at the beginning of this year, but Iran, Saudi Arabia and even resilient U.S. shale surprised with higher-than-expected output, delaying the eventual […]