Crude on the rebound

摘要

The price turnaround is here, and crude will recover whether or not OPEC's agreement to reduce its output manages to take hold, says GMP FirstEnergy. The independent energy investment firm predicts the WTI price of crude will reach US$50/bbl before the end of 2016 and surpass $60/bbl by this time in 2017. "We still expect a gradual price improvement in late 2016 and into 2017 as the market slips into undersupply—even with U.S. supply recovery and no OPEC cuts," Martin King, the director of institutional research at GMP FirstEnergy, told the company's oil and natural gas market update breakfast.