“The cold fundamentals are somewhat in contrast to the large inflows of hot money,” Citibank analysts said.
Looking at a more long-term outlook, energy investors should not expect outsized gains to last as the Organization of the Petroleum Exporting Countries, or OPEC, anticipates oil prices to trade below $100 over the next decade.
A price of “$100 is not in any of the scenarios,” a delegate at the OPEC strategy presentation said, according to the Wall Street Journal.
United States Oil Fund
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Max Chen contributed to this article.