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Russia’s biggest banker predicts oil prices could drop further

Market news
Market news

Russia’s biggest banker has warned oil prices could fall further.

According to reports, the chief executive of Sberbank, Herman Gref, said he believed a strong dollar would see investors quit the oil market.

The move, he predicted, could push the price of oil down.

Speaking on Russia 24 rolling news, he said: “All the key trends are linked with further reductions. The dollar will probably strengthen. “There will be a tougher policy from the Federal Reserve. And that means that dollars will leave the biggest derivative market, the oil market.”

He said while there was no one who could “predict the price of oil”, the industry was “no longer talking about $100 a barrel.”

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