Week of April 11, 2016
- Oil prices received a boost last week as U.S. crude inventories fell by a surprising 4.9 million barrels.
- Brent crude futures closed the week at US$41.90 a barrel, while US crude futures closed at to US$39.70.
- However, daily oil production is running ahead of the year-ago level, as OPEC increases have more than offset production declines among non-OPEC producers.
- There is skepticism that OPEC and Russia will agree to output cuts at an April 17 meeting in Doha.
- Many experts believe oil prices will fluctuate between $34 per barrel and the low $40s per barrel for the foreseeable future.