Recovery in oil prices gives hope for their further increase to $70 per barrel
Edited by Rhod Mackenzie / 2015-02-16 12:02:14
The recovery in the price of Brent crude oil in the first two weeks of February gives hope for their further growth to $70 per barrel. This forecast was given by the experts of analyst firm Capital Economics.
The experts suggest in their review that the current recovery in the oil prices is caused by a sharp drop in the number of drilling rigs, as well as reports of large oil companies on reduction of investment. "The current rise in the Brent price above $60 per barrel, indeed, may be caused by reports of major US producer of shale oil Apache on its readiness to reduce the number of drilling rigs by 70% by the end of this year," - said economist of Capital Economics on commodity markets Tom Pugh.
