$60 Crude: Julius Baer's Mark Matthews Sees Oil Prices Dropping

Mark Matthews, Managing Director at Julius Baer, believes oil prices could fall to around $60 a barrel. This would ease pressure on the Indian rupee.

Brent crude was trading at around $89 a barrel on August 17 after rising more than 5 percent in the previous week due to stalled US-Iran talks and disruptions to tanker movement through the Strait of Hormuz.

Matthews does not expect oil prices to reach $100-$150 a barrel levels, which have worried investors amid tensions in the Middle East.