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Is $53 the New Price Floor for US Oil Prices?

Is $53 the New Price Floor for US Oil Prices?

07 March 2017

Nymex oil futures have found a strong floor at $53/barrel as when that level is breached, institutional buyers often swoop in to buy, this hints that $53 is the average break-even cost for US oil companies and producers. In 2017, front-month WTI has closed below $53 just 5 times.  Crude will be range bound $53-56 near-term before possibly jumping to $60 if OPEC decides to extend its production-cut efforts by 6 months. April WTI is down 2 cents at $53.18- Tradeline