The Rising Influence of Rising Affluence

[benfrankledger]

$XLE $USO - Gary Ross, head of oil at S&P Global Platts Analytics, who forecast $70 Brent oil last year, sees potential for the market to keep rising as he thinks many are still overestimating the size of remaining inventories.

Eugen Weinberg, head of commodities research at Commerzbank. thinks the oil market is overheating: “$70 is too much. It is not completely unexpected, given the price momentum. But there will be a reaction in U.S. shale, and OPEC’s strategy will backfire massively.”