Bullish and bearish outlook for oil

The International Energy Agency (IEA) believes a recent spike in the oil price could soon start to ease, helping to alleviate concerns that surging prices could hurt demand and global economic growth. 

WTI oil holds in red on Friday as on rising concerns among market participants that OPEC could vote to increase output at its meeting next week.
Shortage in supplies from Iran and Venezuela pressures main world oil producers to think of increasing production.

Initial idea of Saudi Arabia for output increase by 500,000 to 1 million barrels, gradually or at once, will be very likely on agenda on OPEC's 22 June meeting in Vienna.
Oil price could fall if OPEC start increasing the output, which would be the first time since main oil producers agreed to reduce oil production by 1.8 million barrels in 2017, with the deal expiring at the end of 2018, if not extended.

Oilprice.com offers two different outlooks, one bearish and the other bullish.

https://oilprice.com/Energy/Crude-Oil/The-Bullish-And-Bearish-Case-For-Oil17524.html

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If the pace of U.S. oil production growth begins to accelerate again in the coming weeks, that could mean the end of the 2018 oil rally and ultimately, a full-on trend reversal in the oil market.

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Let’s open more of the US offshore for energy development

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We'll probably have five dollar a gallon gas by the end of summer if Trump goes after OPEC. That is safe outlook 

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2 minutes ago, Meanwhile said:

We'll probably have five dollar a gallon gas by the end of summer if Trump goes after OPEC. That is safe outlook 

He basically gave the Saudis a blank check to do whatever they want, and even armed them to the teeth. So if OPEC is to blame, then Trump shares it.

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but..but..Both Iran and Trump are attacking OPEC. Does it mean that we are friends now?

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West Texas Intermediate crude Oil will likely be "range-bound" between US$ 66.50 & US$ 76.50 per 42-gallon bbl. for the foreseeable future. U.S. producers need a US$ 50.00 per bbl price of WTI crude to pay the overhead.

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15 minutes ago, Ja’Nako Bezze said:

Let’s open more of the US offshore for energy development

open it for wind turbines 

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28 minutes ago, Joanna said:

The International Energy Agency (IEA) believes a recent spike in the oil price could soon start to ease, helping to alleviate concerns that surging prices could hurt demand and global economic growth. 

WTI oil holds in red on Friday as on rising concerns among market participants that OPEC could vote to increase output at its meeting next week.
Shortage in supplies from Iran and Venezuela pressures main world oil producers to think of increasing production.

Initial idea of Saudi Arabia for output increase by 500,000 to 1 million barrels, gradually or at once, will be very likely on agenda on OPEC's 22 June meeting in Vienna.
Oil price could fall if OPEC start increasing the output, which would be the first time since main oil producers agreed to reduce oil production by 1.8 million barrels in 2017, with the deal expiring at the end of 2018, if not extended.

Oilprice.com offers two different outlooks, one bearish and the other bullish.

https://oilprice.com/Energy/Crude-Oil/The-Bullish-And-Bearish-Case-For-Oil17524.html

 outlook in the second half of 2018 is highly uncertain even though the producer group’s figures show a global glut has ended.

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30 minutes ago, Joanna said:

The International Energy Agency (IEA) believes a recent spike in the oil price could soon start to ease, helping to alleviate concerns that surging prices could hurt demand and global economic growth. 

WTI oil holds in red on Friday as on rising concerns among market participants that OPEC could vote to increase output at its meeting next week.
Shortage in supplies from Iran and Venezuela pressures main world oil producers to think of increasing production.

Initial idea of Saudi Arabia for output increase by 500,000 to 1 million barrels, gradually or at once, will be very likely on agenda on OPEC's 22 June meeting in Vienna.
Oil price could fall if OPEC start increasing the output, which would be the first time since main oil producers agreed to reduce oil production by 1.8 million barrels in 2017, with the deal expiring at the end of 2018, if not extended.

Oilprice.com offers two different outlooks, one bearish and the other bullish.

https://oilprice.com/Energy/Crude-Oil/The-Bullish-And-Bearish-Case-For-Oil17524.html

we need more outlooks

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