US shale oil hitting the skids, page-122

Barney
The market always overshoots on the upside and downsude. It is often driven by sentiment and future projections. The part you and others seem to miss is the expectation that global economic growth will slow leading to a fall in oil demand. So the current oversupply of 1.5m barrels may persist for longer even if Global supply drops. This is what a driving the lower of longer argument.i think the oil price will recover to about 50 be year end and then wil probably range in the 50-60 range for a few years , simply because I think growth will be weak