It’s been a bumpy ride for oil lately, with sudden jumps and falls over the past few years. 2014 was a good year for oil, hitting $115 a barrel, but 2016 saw oil drop to just $26 a barrel in February due to an oil glut.
When oil slowly started to rise in price over the spring, many thought it was going to rise and stay that way, especially when it almost edged over $50 a barrel. Unfortunately, the higher prices didn’t last. Oil prices have slowly dropped over the summer due to another gut.
Oil is in a bear market, and because of that, many people are running scared… but you don’t have to. In 2017 you’re going to see oil prices rise again.
2017 the Year of Oil
Analysts think that the glut will dissipate and that oil prices will slowly rise in 2017, to around $57 a barrel. In addition, even though oil prices are down, oil companies in the U.S. have actually added to the number of active rigs, showing that they believe that oil will rise again.
There’s other evidence of this as well, ZeroHedge has just said that oil prices, “are extending late-day gains as Cushing reported a major 1.3mm draw (against expectations of a 1mm barrel build).” Oil had been falling all day, but actually rallied against the NYSE and NYMEX close.
Now more than ever is the time to buy oil. Right now, it’s underpriced at $40.88 per barrel, so don’t run from oil, invest in it now while prices are low, and then profit when they hit $57 a barrel.
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