S&P Global expects crude prices to hit $55 per barrel by year end

An S&P Global executive said he expects dated Brent crude prices to fall to around $55 per barrel by year end, at the Asia Pacific Petroleum Conference on Monday.

"If there's a massive surplus, if Russian oil continues to flow into the market, if stock building stops and some of this stuff goes into commercial inventory, contangos blow out, we can see a lower price than that" said Dave Ernsberger, Co-President, S&P Global Commodity Insights.