Oil prices are not going anywhere, at least until this time next year. Brent Crude will still trade range-bound in the $50s a year from now, the heads of the world’s largest independent oil and commodity trading groups said on Wednesday. The still unresolved U.S.-China trade dispute, mounting evidence that global economies are slowing, and rising U.S. oil production will continue to keep a lid on oil prices in a market that has factored in too little—or none at all—geopolitical risk premium, the chief executives of oil traders Vitol, Trafigura, and Gunvor said at the Oil & Money Conference in London this week. Vitol is bearish on oil prices, Trafigura is also bearish in the short term, while Gunvor thinks prices could inch higher but with swings in between, the managers said at the panel ‘Executive Forum: The View from the Trading Floor’ at the conference. “Without some resolutions […]