Shrinking U.S. stockpiles, OPEC production cuts and a drop in the rig count to nearly a 3-year low have combined to paint a bullish backdrop for crude oil going forward. In this report, we’ll discuss some of the fundamental reasons why oil prices are likely to trend higher through 2020.
For several months last year, crude oil prices hovered below $60/barrel, mainly due to lower global demand. Uncertainties pertaining to the trade war, plus a slowdown in several emerging economies, put a damper on crude oil demand. Traders were starting to wonder if the demand