Where will oil prices go next? Here are five places to watch

This “plethora of inopportune events in a row” sent oil prices tumbling to more than $60 a barrel in November 2015, said Bnois-Carlin. By mid-2017, oil prices hovered around $53 a barrel, prompting a…

Where will oil prices go next? Here are five places to watch

This “plethora of inopportune events in a row” sent oil prices tumbling to more than $60 a barrel in November 2015, said Bnois-Carlin. By mid-2017, oil prices hovered around $53 a barrel, prompting a massive investment by the industry in both exploration and production.

“I think there’s a ton of energy companies that could go bankrupt if this oil price continues for a long period of time,” said Robertson.

Though the industry’s recent trend of increasing production has managed to maintain steady oil prices in the low-to-mid $60s, it has also ensured production doesn’t fall dramatically, said Robertson. That means the price for things like transportation and energy infrastructure will likely hold steady.

“If [oil companies] continue to produce oil, the price can hold out in the $50 to $60 a barrel range for some time,” said Robertson. “As long as the oil industry continues to expand in terms of production, that price is going to hold.”

Leave a Comment