Your 2017 Oil Price Forecast

Almost four months ago, you saw my predictions for where oil would be at the end of the year.
Well, both main oil price benchmarks have now reached the levels I predicted. In fact, they’ve been ‘in the zone’ for more than a week now.
My estimates published at various times since September called for West Texas Intermediate (or WTI), the benchmark set daily in New York, to trade in the $52 to $54 a barrel range by the end of 2016. Meanwhile Brent, the equivalent set in London, has been trading in the expected $54 to $56 a barrel range over the same period.
The cause has been the ‘Vienna Accord’ to cut oil production reached by OPEC and announced on Nov. 30, and the subsequent agreements with non-OPEC oil producers, notably Russia, made last week.
Of course, the crucial point in these apparent ‘breakthroughs’ remains whether they will last…
And how high oil prices will be in 2017…

This post was published at Wall Street Examiner by Dr. Kent Moors ‘ December 23, 2016.