What’s Next for Oil Prices in 2016 and 2017

Oil prices surged during the first half of 2016. In February, the price of the U.S. benchmark West Texas Intermediate (WTI) hit a historic low of $26.21, but it rose more than 50% in the following months. The global benchmark, Brent crude, followed a very similar pattern in the first half of 2016.

Oil PricesDespite price fluctuations in June and July, Money Morning Global Energy Strategist Dr. Kent Moors believes the WTI crude oil price is currently in a sustainable range and could hit the mid-$50 per barrel by the end of 2016.

He forecasts that WTI crude oil prices will climb to the low $60 per barrel range in 2017 and sees Brent oil prices per barrel in the mid $60s next year.

Before we get into why our Money Morning oil price prediction shows these double-digit gains in 2017, here’s a recap of the 2016 price fluctuations…

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