Why Oil Prices Are Moving Higher, Even with a Surplus

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Oil prices are up for a second day after a three-day slide. And the Energy Information Administration (EIA) just boosted its 2013 U.S. oil price forecast.

But with high oil supply, does this mean a price decline is on the way?

Money Morning Global Energy Strategist Dr. Kent Moors explained to FOX News today the factors driving higher oil prices right now, and for the rest of the year. He said there are a couple dynamics you have to take into account when betting on the direction of oil prices.

Check out his latest update on oil prices in 2013 in the following interview.

Join the conversation. Click here to jump to comments…

  1. Chad Robertson | April 13, 2013

    Very intriguing article & interview that Kent had with Fox News regarding the future of crude.

    I'm looking forward to getting the money morning newsletter to stay up to speed with his expertise.

  2. Remo | April 17, 2013

    I hate to bring some bad news but Oil is now trading at $86 (WTI). It's going down, not up.

    I clearly remember K Moores telling us in february that it would be trading at , at least, $105 by end of march. (he said that on TV and also wrote it in a newsletter). That's $20 off.

    K Moores is a true expert in Oil. I am surprised he is not taking his own advice about oil volatility – which is in a nutshell that the oil game is so complex now that prices move unpredictably and that no one can forecast oil prices. That opinion can be found in his book "the Vega Factor".

    Knowing a lot about the Oil business doesn't mean you can predict prices.

    Beware of all those experts who mistake their knowledge of the business for forecasting abilities. They are not identical.

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