“Gerdes sees West Texas Intermediate crude hitting $47 per barrel in 2016, basically a 50 percent increase from current levels of about $31. Looking out to 2018, he sees prices at $80 to $85 per barrel,” according to CNBC.
OPEC has kept up production to pressure high-cost rivals, such as the developing U.S. shale oil producers. The International Energy Agency expects it will take several years before OPEC can effectively price out high-cost producers. [Oil ETFs Face World-Record Supply Glut]
United States Oil Fund
