Mid-term prospects for oil prices are bright, analysts say
By Trend
Speculation about a potential deal to freeze oil output at the
unofficial OPEC meeting at the end of September has been largely
responsible for the increase in oil prices over the past month,
analysts believe. However, hopes that OPEC can agree an output
freeze are likely to be disappointed again, they note.
Analysts expect oil prices to recover to $60 per barrel in
2017.
Oil prices fell Friday as markets focused on the glut in oil stocks
after the shutdown of the Colonial Pipeline, which transports 1.2
million barrels of gasoline a day in the US, the Wall Street
Journal reported.
The November contract for Brent was down 1.27 percent at $46.00 a
barrel while its US counterpart WTI fell 1.18 percent to $43.39 a
barrel.
The informal OPEC meeting is expected in late September in Algeria.
It is expected that the talks on oil production freeze will be held
between OPEC and non-OPEC countries.
The meeting will be held at the fringe of the International Energy
Forum in Algiers from 26-28 September.
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