Oil Price: $80 a Barrel Is On Its Way, Says Analyst
Traders reportedly remain bearish over the oil price in the near term amid concerns that the market is oversupplied, but there are signs some investors are lining up investments into the sector amid predictions prices could jump to more than $80 a barrel for the first time in more than a year.
The benchmark Brent crude price on ICE Futures Index closed at $63.34 a barrel yesterday, a rise of 32 cents, after a day in which it had been traded down by $1 at one stage against a backdrop of mounting concern over the situation in Greece, according to Reuters. The price has remained stable for weeks at around $60 as traders weigh current overproduction against increasing demand, the Wall Street Journal says.
Reuters quotes traders who remain pessimistic on the near-term outlook for oil, as a supply surge for gasoline in particular earlier this month continues to work its way through the market.
