"The markets are probably a bit too relaxed," Ben Luckock, co-head of oil trading at Trafigura, told the APPEC conference in Singapore.
"I suspect there's a little bit more to come," he said, referring to interest rate increases from the U.S. Federal Reserve to fight inflation.
Luckock added that Russia has a different set of challenges "evacuating their crude products out of the country", which could prolong tighter supplies.
"I guess the issue a little bit with the Russians has always been the credibility of the cuts," he said.
Reporting by Florence Tan, Jeslyn Lerh and Trixie Yap; Editing by Jamie Freed and Tom HogueOur Standards: The Thomson Reuters Trust Principles.
Persons:
Florence Tan, Ben Luckock, Brent, Luckock, it's, Jeslyn Lerh, Trixie Yap, Jamie Freed, Tom Hogue
Organizations:
REUTERS, Rights, U.S . Federal Reserve, OPEC, Organization of Petroleum, Thomson
Locations:
Singapore, Rights SINGAPORE, Asia, U.S, Russia