SPA Pricing Education, Analytics & Decision Making Tools Webinar Series

Oil prices will remain flat for foreseeable future, Deloitte forecasts | CBC News

Higher production in the U.S. and Canada has largely offset cuts made by OPEC, meaning oil prices won’t increase significantly anytime soon, according to the latest forecast from Deloitte released Wednesday.

The report says cuts to production by the Organization of Petroleum Exporting Countries (OPEC) removed about 1.8 million barrels of oil a day from the market, which helped to keep prices around $50 US a barrel for most of the last quarter.

Oil prices also dropped to a six-month low in June thanks to reports of increased gasoline stockpiles and lower-than-expected demand going into the summer driving season.

“I think this is just a sign of the volatility we’re going to continue to see,” said Andrew Botterill, a partner with Deloitte.

Read complete article here:

Oil prices will remain flat for foreseeable future, Deloitte forecasts – Calgary – CBC News.