SEE MORE: It’s Game Time For Oil ETFs
Oil, as is often the case, has been volatile this year, but some market observers bullish traders should wait until 2017, pointing to next as a prime time for oil prices to really rebound. While production has declined in the U.S., recently rebounding oil prices are encouraging exploration and production companies to revisit spending plans with some increasing capital expenditures. That has some oil market observers concerned about a rising rig count and the subsequent impact on crude prices.
“The majority of OPEC countries are in agreement that Iran should not halt oil production. Seeing as this was a last minute change of heart, Putin believes Iran is only a minor setback and the deal will ultimately occur. OPEC is to have further informal talks on September 27th. President Putin plans to discuss the matter with Prince bin Salman at the G20 summit in China this week as well,” reports OilPrice.com.
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United States Oil Fund
