2024-03-30 12:02:31 ET
Summary
- Brent crude prices are up 12.1% YTD, while WTI crude prices are up 15.6%.
- OPEC estimates suggest a production shortage, creating a potential increase in oil prices above $100 per barrel.
- The EIA forecasts a smaller production shortfall and expects Brent crude prices to average around $83 per barrel.
- This creates a favorable risk/reward scenario for those who are long oil and oil-related companies.
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Expect Oil Prices To Remain High And To Possibly Move Higher