Oil can get into strong recovery cycle

According to Citi Group, by the end of 2017, the price of a barrel of oil could reach $ 70 dollars. The high should be given from the second half of this year, according to projections. This week, prices were valued, with the WTI oil traded at US $ 54.44, while Brent crude was US $ 57.25.

The positive projections are given due to the 93% range information of the targets agreed between OPEC members and countries outside the cartel, as well as a further decline in stocks in the OECD countries (Organization for Economic Cooperation and Development).

However, the positive outlook goes beyond. This is because according to most delegates in the oil and energy forum, held this year for the provider Platts data, in London, until February 2018, the oil price will be between $ 55 and $ 65 a barrel. And there are even more optimistic, foreseeing an increase of $ 65 to $ 75.

In addition, according to Panorama Offshore released this week, data from the ICE exchange (Intercontinental Exchange), London, showed that investors are increasing at record level your bets in futures contracts valuation of Brent oil. What confirms the evidence that, it seems, and expects the market, the "black gold" can return to its former glory very soon.


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