“It’s possible for oil prices to reach $60 or more during this summer” as demand increases in the US, UAE. Oil futures jumped 31% this year, climbing above $50 a barrel last week, as US crude stockpiles declined, trimming a glut. Photo: BloombergAbu Dhabi: The United Arab Emirates’s (UAE) economy minister joined forecasters looking for $60 crude this year with demand and production moving more in line. Oil futures jumped 31% this year, climbing above $50 a barrel last week, as US crude stockpiles declined, trimming a glutAn oil exploration rig operates in The Gulf off the coast of Abu Dhabi, UAE. Crude will end the year higher than $60 a barrel, Mario Maratheftis, global chief economist at Standard Chartered Plc, said on Bloomberg TV.

Source: Mint May 30, 2016 12:00 UTC