Oil Prices Remain Steady

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Oil prices stayed put on Monday at over $48 per barrel, which is the highest that they have been since the end of November.

“The market is very well-supported,” said Esa Ramasamy, oil editorial manager at Platts. “If there’s no increase in supplies, the prices would hold up.”

Problems in the North Sea and Nigeria, and ongoing production shutdowns in the Gulf of Mexico, have prevented almost 1 million barrels a day from making it to the market.

According to Forbes.com,

“OPEC ministers are scheduled to meet Jan. 30 to discuss whether further cuts may be necessary. Oil demand falls in the second quarter of the year with the end of the northern winter.

Analysts said the meeting would have to reconcile the present cold weather and relative scarcity of distillates with the traditional drop in demand come springtime, along with predictions of lessened world economic growth.”

“If OPEC is going to cut supplies, the market can expect a bull run,” said Ramasamy.

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Oil Prices Remain Steady
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