Crude prices have fallen 15% in three months
Lower oil demand growth and higher production rates have pushed the oil price down
Brent crude prices have fallen nearly 15% over the past three months, from around $113 per barrel (b) in late June to $96.65/b on 23 September. Weak oil demand, especially from China, and new supply from the US have both helped to drive prices lower. So, how much farther can oil prices fall? Bernstein Research, a price bull, has put the floor at around $90/b. Bernstein looked at seven factors, which would either boost demand or cut into supply, that it reckons will act to keep prices above $90/b. "Adding together their effects, we estimate the oil market would tighten by a full 1.5 million barrels per day (b/d), if oil price fell to $90/bbl Brent, which in turn would add $10 to $25/b to the
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