| Oil has been demolished over the past year, falling from $100 a barrel to the low 40s. But one oil expert says things are about to turn the corner once again, and Brent crude is going to surge to $71 a barrel by the end of the year. Credit Suisse energy economist Jan Stuart spoke on Bloomberg TV yesterday, giving the reasons behind his big target.
I admit, my target looks very ambitious. The thinking behind it is that production is rolling already. We know that it's higher than we thought it was going to be at this stage, but it is rolling. The question is going to be how fast, how far. We think United States crude oil production ends the year below 9 million barrels a day from the 9.6 high...Number two, demand is growing.................................................Full Article: Source
|