Are Oil Markets Too Bullish For OPEC?
Topic: Are Oil Markets Too Bullish For OPEC?
Oil markets in the last five days have experienced one of the most bullish weeks so far this year. But as Brent neared the much talked about $60 mark, OPEC has begun to talk oil prices down in order to halt a possible shale production spike.
Brent flirted with $60 per barrel this week, but it might have to wait a little longer. After hitting the highest price in two years mid-week, Brent declined on Thursday after looking a bit overstretched. The price gains have been a little too much in such a short period of time, raising the risk of a downslide. "We've made a really impressive run here and I do think we're due for a pullback," Robert Yawger, director of energy futures at Mizuho in New York, told Reuters on Thursday.