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Bonds News

UPDATE 1-IEA says optimistic to think oil price will fall much

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BERLIN, May 27 (Reuters) - It would be “very, very optimistic” to assume oil prices will fall much in the next few years, the chief economist at the International Energy Agency (IEA) said in a interview with German TV published on Tuesday. “The markets are very tight now and the result of this tightness is the very high prices,” IEA chief economist Fatih Birol was quoted as saying by German state broadcaster ZDF.

“And when we look a couple of years ahead, we should be very, very optimistic if we would believe that the current oil prices will go substantially down,” he said.

“They can possibly go a couple of steps downwards but to expect that they will go substantially down to the price we´ve seen in the past, is maybe too optimistic.”

Oil prices in the United States have climbed about 40 percent this year to an all-time high of $135.09 per barrel last week CLc1, driven by an extended slide in the value of the dollar. On Tuesday oil dropped back below $130 a barrel. (Reporting by Iain Rogers) (Editing by George Obulutsa)

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