Platts sees a definite downside to oil demand

Vandana Hari, Asia news director at Platts spoke to CNBC-TV18 about her outlook on crude oil and where the prices are headed. Even though the street expected Brent to remain at USD 100/bbl or thereabouts, it has risen to USD 109 today. Hari says that there is a major downside looming to oil prices going ahead.

Below is the edited transcript of the interview. Also watch the accompanying video. Q: There has been some geopolitical tensions coming in and therefore some spike in crude prices. How are you looking at the Nymex crude in up until the end of the year?
A: Overall, I still see major downsides to oil prices going forward. Some geopolitical tensions over Iran, specifically over it's nuclear program, and we have seen in recent weeks, the EU trying to fight sanctions against Iran and some savor rattling going on there, and Iran even at one point threatening that any big action against it could take away up to 15 million barrels per day of oil supplies from the market