| Oil prices are likely to average more than $50 (US) a barrel next year after reaching a low point last winter, according to a report released Wednesday by DBRS. The cost per barrel of West Texas Intermediate (WTI) has risen to roughly $43 (US) from $26 (US) since January and is likely to stay in that range for the next few months as global supply continues to exceed demand, the credit rating agency says.
Although OPEC countries and Russia are planning to meet before the end of the month to discuss freezing production at current levels, DBRS feels there’s little likelihood they’ll reach an agreement.............................................Full Article: Source
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