Monday is seeing oil prices on the rise. A revival of oil quotes has been caused by data from Baker Hughes. The last report from the company indicated that the number of extraction rigs last week was down by 8 to 842. Brent on November contracts reacted to this by lifting above 47.5 dollars per barrel with WTI reaching 45.5 dollars.
Another positive for oil investors has come from an OPEC report in which the organization says it expects oil prices to rise by $5 per barrel over the course of a few years. According to OPEC, the cause for this growth in prices will come from a fall in US output. However, it’s quite difficult in the current conditions to make long-term forecasts; not excluding the cartel changing its tune in the next few years.
Oil quotes are likely to show growth throughout the week. Today’s Brent target is $48.5, with WTI $46 per barrel.