OPEC: Oil Prices Will Rebound, Return To 'Normal' Level
OPEC's Secretary-General Abdullah al-Badri said at the World Economic Forum in Davos, Switzerland, that oil prices are expected to recover following a more than 50 percent decline since June.
Al-Badri was quoted as saying oil will "rebound and we will go back to normal very soon." The Secretary-General also defended OPEC's decision not to reduce supply, saying if it had done so, non-member countries would have increased production, forcing OPEC to implement further cuts and lose market share.
Al-Badri also said that "I saw this three to four times in my life" while also confirming that OPEC's policy isn't directed at Russia, Iran or the United States.
The United States Oil Fund LP (ETF) (NYSE: USO) traded recently at $17.93, up 2.5 percent. It is down over 40 percent in the past three months.
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