Can Oil hit 70$

[Tomasz + 1,608]

Today imho cost of marginal barrel is about 60 $ - its full cost of production in Permian acccoding to Art Berman research.

So you can expect Brent oil in 60-80 $  in foreesable future unless something unexpected happens or a global recession takes place.

65-70 $ per barrel is good price especially if you consider that the Dollar Index stands 20% higher than 5-10 years ago. 

 Most oil producers have their national currencies and exchange the dollar.

For example, for Russia in trade with Europe, today's $ 65 is really $ 78 and it must be added that according to oilprice.com their two export grades to China and Asia costs today: ESPO - $ 69.8 and Sokol 71.08.

Edited January 20, 2020 by Tomasz