ABN: oil remains between $ 50 and $ 60

ABN: oil remains between $ 50 and $ 60

World January 12, 2017 05:03

- The oil price moves in the first half of 2017 with a lot of volatility between $ 50 and $ 60 per barrel. After the summer can increase the price.

That scenario ABN Amro called for next year most likely. Brent oil now quoted around $ 55.30. Recent days, however, the price fluctuated sharply already.

That the production of schaliegasplatforms increases in the US, despite this extra demand and hence price pressure still good, ABN Amro economist Hans van Cleef defends in a report published on Thursday.

' Investments in the oil sector are still under pressure worldwide, 'he says. ' Certainly oil producers outside OPEC and outside the oil shale is still feeling the effects of the low oil price. Although the price of oil has doubled compared to the recent low of January 2016, the price remains for many projects too low to make them economically attractive. '

Also, with the agreement of oil cartel OPEC and non-OPEC countries in November last year to reduce the production entered the oil market, according to the bank already towards the balance between supply and demand.

' With that trend is more oil in the US may even be desirable to avoid long run larger deficits, 'Van Cleef concludes.\n  \n  \n   advertisement

Plays an increasingly strong dollar, the global currency for crude oil, against the euro. In the course of this year, the euro according to ABN Amro to 0.95 against these currencies. That strong dollar will significantly reduce the oil price ' 'expects ABN Amro.

With Donald Trump in the White House will toenmen demand for crude oil, while declining in Europe and the most traded commodity is partially replaced by wind and solar energy.

The International Energy Agency (IEA) expects global demand for oil in 2017 with a moderate increase in demand of 1.2 million barrels per day will increase. \u0026 Nbsp;

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