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 Oil prices could top $120 before year-end

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GirlBye
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PostSubject: Oil prices could top $120 before year-end   Sat Jul 21, 2018 12:33 pm

Analyst calls oil-price downturn a ‘buying opportunity’


Oil prices have lost more than 8% this month, but investors should be aware that a roughly 40% spike from last week’s levels to more than $120 is possible this year.
“This is a tight market. Supply and demand are close,” says Matt Badiali, senior research analyst at Banyan Hill. Global oil demand is expected to average 99.1 million barrels a day this year, but global oil supply stood at 98.8 million barrels a day in June, according to the International Energy Agency.
“We have supply constraints, thanks to Venezuela becoming a failed state. We have potential supply disruption with the Iran sanctions, and we have demand increasing with global growth,” Badiali says. “Disappointment that [the Organization of the Petroleum Exporting Countries] didn’t just open the spigots” on production also supports a higher oil price.
OPEC, along with nonmember allies including Russia, reached an agreement last month to curtail some of its production cuts, essentially increasing output by one million barrels a day. In part, the move was meant to offset supply losses tied to economic woes in Venezuela, disruptions in Libya, and renewed U.S. sanctions on Iran.

But the decision by major oil producers to lift output didn’t cause a drop in prices—instead, they climbed shortly after the decision, with U.S. benchmark West Texas Intermediate crude futures CLU8, -0.15%  on June 29 settling at $74.15, their highest since November 2014.
https://www.marketwatch.com/story/oil-prices-could-top-120-before-year-end-2018-07-20
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Terbo56
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PostSubject: Re: Oil prices could top $120 before year-end   Sat Jul 21, 2018 12:50 pm

The U.S. could take care of that REAL quick- Put an embargo on foreign oil, PERMANENTLY, and see how that suits them- We have enough oil here in this country, and enough in storage facilities to last this country for 200 years, so WTF should we worry about other countries oil? Get rid of OPEC, the Saudi princes that manipulate the oil prices, and problem solved, for the most part, drop oil prices here, ACROSS the board, and quit taxing it so bad- Here in Florida, the state adds a tax to it every time they want to build a housing development, interstate bypass, a shopping mall, fix a mile or two of potholes, or build more fantasies at Disney-Every time the price of oil goes up, it's less money people have for themselves to do what we want, and to buy the necessities we need, just to maintain our lives-One of the BIGGEST rip offs the country is faced with, for decades- 2cents crap Big NO-NO
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