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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (23780)	11/8/2016 2:02:43 PM
From: Goose94	Read Replies (1) \| Respond to of 203346

Crude oil: OPEC sees low prices persisting. OPEC released its annual World Oil Outlook on Tuesday, and one thing that jumped out was the group’s prediction that OPEC’s basket price (ORB) will not hit $60 per barrel until the end of the decade. Beginning with an average price of $40 per barrel this year, OPEC sees its basket price gaining $5 per barrel each year over the medium-term, topping $60 per barrel in nominal terms by 2020. The price forecast for 2020 is $20 per barrel lower than last year’s prediction. On the bullish side of things, cheap prices will lead to higher demand than originally expected. OPEC revised up its oil demand figures, expecting demand to hit 99.2 million barrels per day by 2021, 1 mb/d higher than last year’s estimate. But overall, the report was somewhat bearish. OPEC said that it originally thought that the past two years of low oil prices would stoke economic growth in consuming countries. But because that outlook has not played out, the rebound in prices is taking much longer than expected.