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Oil Prices Will Continue to Rally Amid Dwindling Demand
Oil has staged an impressive rally since dropping below $35 a barrel in mid-February, soaring 42% in little more than a month to about $50 a barrel.
And while there remains a risk that prices will retreat further due to sluggish demand, there are also three very compelling reasons why oil is still a safe long-term bet:
- OPEC has made substantial progress in reducing the amount of oil on the market.
- The dollar has been made vulnerable by the U.S. Federal Reserve’s aggressive policy of quantitative easing.
- And low oil prices and tight credit have reduced global energy investment, putting future supply…
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