At the beginning of this year, energy analysts at investment bank Raymond James published a report stating that they believed the price of oil could hit $70 a barrel by the end of 2016. At the time, when oil was trading in the low $30s/bbl this forecast seemed to be extremely optimistic. However, over the past few months, as the price of oil has ticked higher trended higher, Raymond James’ bullish stance has been justified and now the bank is claiming that oil prices could push even higher next year.
Increase In U.S. Rig Count Will Not Cap Oil Prices
In a research note sent out to clients on Monday, Raymond James’ energy research team raised...
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