Tom Kloza: "Oil price will continue go up"

Tom Kloza: "Oil price will continue go up" ​All eyes on oil: what will OPEC countries decide this week?
November 24, 2014 17:01
Tom Kloza: Oil price will continue go up
Baku. 24 November. REPORT.AZ/ On November 27, besides 12 member countries, non-member states, as well Russian Federation and Venezuela representatives and officials will take part at OPEC meeting. Report informs, at the meeting reduce of oil prices recent days, as well reducing of production to prevent such fell will be discussed by the countries.

Oil prices have tumbled dramatically in recent weeks. Oil now trades below $80 a barrel and most Americans can buy gas for their cars for under 3 USD a gallon.

Experts who follow OPEC and the oil market closely are evenly split over in their bets on whether OPEC will vote to cut product. It will almost certainly come down to Saudi Arabia, which has refused to scale back production because it wants to squeeze its regional nemesis Iran, which is reeling from sanctions over its nuclear program.

Investors have taken notice. Gas station companies CST Brands (CST) has soared 20% in the last month and Marathon Petroleum Corporation (MPC) is up 14%.

"I'd imagine fourth quarter results for gasoline retailers are going to be the most spectacular they've been in a long time," said analyst on the Oil Price Information Service Tom Kloza.

Latest news

Orphus sistemi