Oil Prices: Is Another Tumble in the Forecast?
Oil prices have staged a remarkable comeback over the past few months. After tumbling into the low-$40s earlier this summer, crude quietly came storming back. Fueling that rebound has been accelerating demand and tame supply growth, which have combined to drain some of the market's glut. That improvement recently pushed prices to a two-year high of $63 for the global benchmark (Brent) and $57 for the U.S. oil benchmark (WTI).
However, prices might be close to topping out. Driving that view is the International Energy Agency's (IEA) latest market report, which painted a less rosy picture of the oil market. If that forecast comes to fruition, it could weigh on oil prices over the next few months, which would hit financially weaker oil stocks the hardest.
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Source: Fool.com
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