GLNCY Glencore Plc (PK)

By Miriam Malek and Sarah Kent

LAUSANNE--Global oil markets have hit bottom, according to a host of the world's most senior oil traders.

The chief executives of some of the world's biggest energy merchants said Tuesday that the era of low oil prices has passed, with the market moving into what is the beginning of a price-recovery period.

But Torbjorn Tornqvist, chief executive of Gunvor Group, said the price recovery wouldn't be as fast as the market expects, with several factors such as slowing business in refineries likely to affect prices this year. In the future, a level of around $60-$70 a barrel would be sufficient to secure oil flow, he said during a panel discussion at the Financial Times Commodities Summit in Lausanne, Switzerland.

"We're going to have a lot of volatility going forward, but from here on the trend is up," Mr. Tornqvist said.

Prices will begin to rebalance by the end of the third quarter or in the fourth quarter of this year, according to Jeremy Weir, Trafigura's chief executive.

"We've seen the bottom unless some catastrophic situation occurs," Mr. Weir said.

Further ahead, Marco Dunand, chief executive of Mercuria Energy Group Ltd., said the market should expect a price of above $50 a barrel in 2017.

Glencore PLC's (GLEN.LN) oil chief, Alex Beard, was more equivocal. Though the consensus is that oil stocks will stop building in the third quarter, it will likely take time for prices to rebound, Mr. Beard said.

Write to Miriam Malek at miriam.malek@Wsj.com and Sarah Kent at sarah.kent@wsj.com

(END) Dow Jones Newswires

April 12, 2016 07:23 ET (11:23 GMT)

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