Oil prices are unlikely to fall far from current levels as global supply is relatively tight and demand is continuing to rise, the head of the trading and shipping arm of French oil company Total SA said on Tuesday.
Pierre Barbe told a commodities conference in Switzerland that oil prices were "a function of the perception of the balance between oil supply and demand".
"Today, this balance does not look comfortable at all," he said. "I do not believe there will be a big downward correction from current prices."
Source: Reuters