Loading...
Loading...
On Reuters (link) overnight: Arab OPEC sources see oil back above $70 by end-2015:
- Arab OPEC producers expect global oil prices to rebound to between $70 and $80 a barrel by the end of next year
- Said $100 a barrel crude is encouraging too much new production from high cost producers outside the exporting group, some sources say
- They believe that once the breakneck growth of high cost producers such as U.S. shale patch slows and lower prices begin to stimulate demand, oil prices could begin finding a new equilibrium by the end of 2015
- “The general thinking is that prices can't collapse, prices can touch $60 or a bit lower for some months then come back to an acceptable level which is $80 a barrel, but probably after eight months to a year,” one Gulf oil source told Reuters
More at the link
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in