West Texas Intermediate and Brent crude prices are both up today with strong U.S. economic data and hopes of OPEC production cuts possibly coming on Thanksgiving day, but experts are divided on whether prices will continue to climb. WTI traded at $76.63, a 1.03% gain, and Brent rose 1.49% to $81.51 on Friday.

Factory activity in the U.S. mid-Atlantic region grew at its fastest pace in two decades, U.S. home resales jumped to their highest in more than a year in October, and a gauge of future U.S. economic activity gained more than expected l...

Analyst Commentary

Wells Fargo Securities 11/21/2014
Key Takeaway--OPEC Front And Center. The last couple of months have
been unkind to oil bulls. Weaker-than-expected 2014 global oil demand trends,
meaningful non-OPEC production growth, and OPEC producing above its selfimposed
quota have created fears of a growing surplus in 2015. In our view, it is
becoming clearer that 2015 global E&P capex will be well below prior expectations
of meaningful growth. Additionally, U.S. demand appears to have turned the
corner in 2014 and lower oil prices should provide a modest tailwind to global
demand expectations for 2015. Thus we expect oil prices will rebound from
current levels as soon as Q2 2015. Our new/old WTI per barrel forecasts are
$94.80/$96.80 for 2014, $83.25/$91.50 for 2015, $87.50/$93.50 for 2016,
$86/$90 for 2017 and $85/$90 for 2018. Our new/old Brent per barrel forecasts
are $101.20/$103.45 for 2014, $89.25/$98 for 2015, $94/$100 for 2016,
$92/$96 for 2017 and $90/$95 for 2018.  


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