Most of the world’s top oil trading houses expect oil prices to decline next year as slowing global economic growth and rising oil supply is expected to compensate for fewer Iranian crude barrels on the market, executives at the largest oil traders said at the Reuters Global Commodities Summit on Friday. According to Vitol’s chief executive Russell Hardy, oil markets are not that tight right now and a fair price of oil going into 2019 “is probably closer to the $70 or $65 per barrel mark than the $85-$90 area that some people are talking about.” Nearly a month ago, at the Oil & Money conference in London in early October, the top executives of Vitol, Trafigura, Gunvor, and Glencore predicted the price of oil next year at between $65 and $100 a barrel due to a combination of many other factors apart from the U.S. sanctions on Iran. […]