Oil Price Hits Above $50 a Barrel, the Highest Since June

Crude oil prices reached above $50 a barrel in New York as hopes rise for the market after a decline in U.S. crude inventories and OPEC’s recent announcement to cut oil production.

Although U.S. crude stockpiles decreased below 500 million barrels last week, Goldman Sachs Group estimates that the oil price will stall at $55 through 2017 due to an oversupply in the market.

Since OPEC’s decision to manage its oil market, oil has gained roughly 11 percent. An official quota for OPEC’s output will be decided at a group meeting in November.

Source:
Fuel Fix