Crude just had the biggest two-week gain in 17 years, but it’s still about 50 percent cheaper than it was in June. The situation is volatile, and forecasts are all over the place — from $30 a barrel predicted by the president of Goldman Sachs to as high as $200 a barrel seen by the head of OPEC . . .
What’s an investor to think? In 2015, the average price is likely to be anywhere from $35 to $80, according to a Bloomberg Intelligence survey of 86 investment specialists. That’s a pretty big range. (Read more about the increasing oil prices HERE)
Oil Prices Post Biggest One-Week Gain Since 2011
By Nicole Friedman and Georgi Kantchev. Oil prices posted their largest weekly percentage gain in almost four years as traders looked past the current world-wide glut of crude to focus on signals of future production cuts.
Some market participants said oil prices, which have fallen 52% in the past seven months, could be bottoming out as producers have reacted to the low prices by cutting expenditures and reducing drilling activity. But many analysts caution that the global oil market still is oversupplied and there are few signs of a major uptick in demand, so prices could slip yet again.
The market was volatile this past week, posting a one-month high Tuesday before falling Wednesday and then regaining those losses by week’s end. (Read more from this story HERE)