What Rising U.S. Oil Production Means for Prices in 2017
U.S. oil production and rig counts are on the rise amid higher oil prices, but that's not likely to push oil below $50 a barrel.
U.S. oil production and rig counts are on the rise amid higher oil prices, but that's not likely to push oil below $50 a barrel, according to David Lebovitz, global market strategist at J.P. Morgan Asset Management.
U.S. producers have been reentering the market as a rebound from the slump in oil prices in 2015 and early 2016 thickens profit margins. Lebovitz expects oil to reach $55 or even $60 a barrel by the end of 2017. Oil currently trades near $53 a barrel.
