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Cycle of Low Crude Prices Nearing an End, Says Saudi Oil Minister

Tuesday, October 25, 2016 11:05
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(Before It's News)

Saudi Arabia’s Oil Minister Khalid al-Falih declared the cycle of low crude prices is nearing an end as the oil market strengthens in recent weeks.

“Market fundamentals, in terms of supply and demand, have begun to improve,” Falih stated on Sunday at a press conference with Russian Energy Minister Alexander Novak, adding: “We are optimistic that oil prices will continue to improve in the future.”

Novak was meeting with OPEC ministers to discuss closer cooperation between Russia and OPEC to support the market.

Last week WTI Crude was trading at nearly $52/barrel, a 15-month high. It has slipped somewhat since, to about $50.50, after comments from Iraq’s Oil Minister Jabar Ali al-Luaibi indicating his country wanted to be exempt from any output cuts that OPEC might impose, saying Iraq needed the revenue to fight the Islamic State.

Energy trader Mark Fisher is advising investors to buy crude oil and natural gas on dips. “In my opinion, the most likely course is for the market to gradually establish a new base someplace in the $55 to $65 range barring some kind of geopolitical problem,” he told CNBC.

“It used to be that in natgas, every time the market rallied you could just close your eyes and sell it. I think those days are long over. I think now the time has come that you can basically buy every dip,” he said.

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Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
2) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.



Source: https://www.streetwisereports.com/pub/na/17154

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