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2016-05-31 19:30:00

OIL WILL BE $60

OIL WILL BE $60

 

OIL PRICES 2015 - 2016

 

The United Arab Emirates's economy minister joined forecasters looking for $60 crude this year with demand and production moving more in line.

"It's possible for oil prices to reach $60 or more during this summer" as demand increases in the U.S., U.A.E. Economy Minister Sultan Bin Saeed Al Mansoori said at a conference in Abu Dhabi on Monday. Crude will end the year higher than $60 a barrel, Mario Maratheftis, global chief economist at Standard Chartered Plc, said on Bloomberg TV. SEB Bank forecast last week that Brent would touch $60 at times in 2016.

Oil futures jumped 31 percent this year, climbing above $50 a barrel last week, as U.S. crude stockpiles declined, trimming a glut. Robust demand in India and other emerging nations led the International Energy Agency in May to reduce its estimate of the global oil surplus for the first half. Brent last traded above $60 in July.

"We've always been incredibly bullish on oil," Maratheftis said. "We expected supply to collapse. Demand is still very strong. I would expect oil prices to keep rising."

Brent for July settlement fell 0.3 percent to $49.15 a barrel by 2:25 p.m. in Dubai, after trading at $50.51 last Thursday.

boereport.com

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Earlier: 

SAUDI'S STRATEGY: TO KILL OPEC 

MAJORS DEBT UP TO $383 BLN 

OPEC'S STRATEGY: $70 - $80 

OIL PRICES DOWN $49 

OIL PRICES UP TO $50

 

 

 

 

Tags: OIL, PRICES

Chronicle:

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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

OIL WILL BE $60
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LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

OIL WILL BE $60
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BAHRAIN'S GDP UP 3.2%

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OIL WILL BE $60
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NIGERIA'S GDP UP 2%

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