Citi: Oil May Rally 20 Percent This Year on Supply Curbs

Oil prices may rise by 20 percent this year as energy producers outside the U.S. keep a lid on how much crude they pump, said analysts at Citigroup.

“With a continuation of the OPEC/non-OPEC producer deal in the second half of 2017 and the expected associated inventory draw-down, we expect oil prices to move above $60 a barrel by the second half of the year,” the analysts said in a report obtained by CNBC.

West Texas Intermediate crude has doubled in price since reaching a bottom of about $26 a barrel in February 2016. The Organization of the Petroleum Exporting Countries, which includes major oil producers like Saudi Arabia, Iran and Venezuela, agreed last year to curb output and help stabilize prices.

Citigroup’s analysts had estimated in February that oil prices would rise to $70 a barrel this year as supply and demand levels continued to rebalance, CNBC reported.

U.S.

admin

admin

Leave a Reply

Recent Posts

Trump Supporters: Get Your 2020 'Keep America Great' Shirts Now!

Are you a proud supporter of President Donald Trump?

If so, you’ll want to grab your 2020 re-election shirt now and be the first on your block to show your support for Trump 2020!

These shirts are going fast so click here to check for availability in your area!

-> CHECK AVAILABILITY HERE


More Popular Stuff for Trump Supporters!

MUST SEE: Full Color Trump Presidential Coin (limited!)

Hilarious Pro Trump 'You are Fake News' Tee Shirt!

[Exclusive] Get Your HUGE Trump 2020 Yard or House Flag!

<