Traders are discussing the future of oil prices
Traders are discussing the future of oil prices after crude oil dropped to $55.26 per barrel, the lowest level in 17 months.
Some experts claim prices will decline even further.
In an interview with Forbes magazine, Michael C. Lynch, president of Strategic Energy & Economic Research in Amherst, Massachusetts, said prices would regress.
He did not expect price hikes even if an economic embargo was imposed on Iran, which produces 3.75 million barrel per day (bpd).
Lynch said oil disruptions, nuclear threats, wars, terrorism, tornados and pipeline decay affected oil prices with a $20-per barrel risk premium.
According to Lynch, prices might fall to $25 per barrel if risks were eliminated.
However, the American economist expected oil prices to settle at $45 a barrel.