MORGAN STANLEY: We're slashing our oil price forecast by 50%
Oil is one of the most traded commodities at the moment, and everyone has a view. But the prevailing opinion now is that oil prices won't be returning to triple digits a barrel anytime soon. On Monday, Ian Taylor, CEO of Vitol Group, said the price of oil would stay beneath $60 for as long as 10 years. Now, Morgan Stanley has weighed in, slashing its 2016 oil forecasts from above $50 a barrel to less than $30. It's all about demand. With the OPEC oil-producing cartel refusing to cut production, it will take a lot of demand for the commodity to mop up the glut and return prices to normal. Morgan Stanley analysts don't see any evidence of that happening soon
