Market Insights

April 12, 2016 • Posted in Market Insights

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.

Stay informed with industry trends and insights.

Stay informed with industry trends and insights.
This field is for validation purposes and should be left unchanged.