Is $70 The Ceiling For Oil Prices?

13 Jan 2018   Prices

Oil prices hit $70 per barrel for the first time in more than three years on Thursday. The last time Brent traded that high, prices were falling off a cliff after the November 2014 OPEC meeting left members producing without restraint, leading to a global glut of supply. The next steps for oil are unclear. Market sentiment is decidedly bullish, but speculators have piled into extremely bullish bets, which exposes the market to a correction if the upward momentum starts to sputter. EIA: U.S. oil production to top 11 mb/d by end of 2019. The EIA sharply revised up its forecast for U.S. oil production this year and next, predicting average output of 10.3 mb/d in 2017 (up nearly 300,000 bpd from last month’s forecast) and 10.8 mb/d […]

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