The chief executive of the world’s biggest oil trader, Vitol, told Reuters he expects a weaker oil price in the short term but does not see sustained levels below $50 a barrel. Global oil prices fell sharply last month on signs of a slowing world economy and the on-going trade war between the United States and China. “I expect a softer price in Q4 but it is unlikely to be sustained below $50 a barrel because that means $45 for shale, which would result in capex being cut,” CEO Russell Hardy said. For much of August, Brent crude futures traded below $60 a barrel. The contract has since rebounded to trade at around $60 ... (full story)