April 4, 2016 Comments Off on Oil Prices to Remain “Ugly” Views: 737 California News, National News

Oil Prices to Remain “Ugly”

Oversupply and continually growing global stockpiles have led Morningstar Inc.’s David Meats to write that oil prices, in the near term, will remain “ugly.” In a recent report, Meats pointed out that, while West Texas Intermediate prices did reach a high in late March, they have been dropping. This could be due to forecast output from the Middle East.

In a related story, Dominick Chirichella with the Energy Management Institute indicated that an upcoming meeting between OPEC and non-OPEC producers to discuss a freeze in oil output could be postponed. Even if a freeze occurs, he said, Iran will likely not be part of that agreement.

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