Here Is Why $65 Oil Is Not So Far-Fetched

Oil reaching $65 a barrel is a possibility this year, according to one analyst. "I think it's certainly possible," said Craig Erlam, senior market analyst at Oanda, based in London. "Already, OPEC has gone beyond market expectations."  Erlam made those comments when asked to react to commentary from Iraq's oil minister, who said he'd like to see oil at $65 and that his country is committed to following through on its agreement with OPEC to cut production. Brent crude roughly trades at $56, while West Texas Intermediate, the U.S. benchmark, trades at $53.