Brent prices hit $60 a barrel 10 days ago and have maintained that level ever since, sparking talk that this could be the new floor under oil prices and that $70 oil in the short term is now not only in producers’ wildest dreams, but a real possibility. Although OPEC never officially admitted it, analysts have largely thought that pushing oil up to $60 was one of the cartel’s goals with the production cut deal. Three weeks before OPEC’s November 30 summit in Vienna, some oil producers have already started thinking that $70 is the ‘ fair price ’ for oil, fairer than $60, Julian Lee, oil strategist for Bloomberg First Word, writes. But if the cartel wants to target a higher price (which it won’t officially communicate to the market), it will likely trigger a new wave of U.S. shale production next year. More importantly, that higher oil […]