| Crude oil has seen a massive recovery from mid-$40 levels just two months ago to above $60 where it is trading now. While some are bullish that this move will continue and prices will continue to move upwards till $100, Oppenheimer Energy analyst Fadel Gheit thinks that’s unlikely.
“We see oil prices moving higher,” Gheit said. “But we are not likely to see a repeat of the recovery that we have seen over the last eight weeks. Eight weeks ago oil prices were $44, today oil prices are around $60. We think that oil prices will start moving up again, but probably at much slower pace. I still believe that oil prices will probably try to seek an equilibrium really round $60 to $65.” ........................................Full Article: Source |