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Comments from Bank of Singapore, the private banking arm of OCBC, pointed out that the sharp drop in oil prices in recent days largely reflected market concerns about the risk of oversupply, rather than the state of global demand; it is expected that a long-term downturn in oil prices is the most likely scenario, with the bank predicting that the original Brent oil price will be $50 per barrel in 12 months and $35 in three months.
The following is a summary of comments by Shen Maoxiong, senior foreign exchange strategist at Bank of Singapore:
--The long-term downturn in oil prices is detrimental to us shale oil and gas producers. If WTI oil prices fall below $40 a barrel, it could prompt us shale oil and gas companies to cut production, which in turn helps balance the oil market.

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