Oil expert: Crude prices are headed ‘all over the place’

Oil historian and economist Daniel Yergin said in an interview with BloombergBusiness that the price of crude oil is headed “all over the place.” According to the news service, Yergin, vice chairman of IHS Inc., said the much-debated shape of the oil price curve will take the form of a “W” as crude is whipsawed by mixed signs from a rattled U.S. shale boom as Saudi Arabia refuses to balance a global supply glut. He also indicated that the fate of world oil markets is largely in the hands of myriad U.S. wildcatters, all with different strategies and an unusual ability to respond quickly to changed circumstances in the energy sector. For more, read the full story.