Hoping the oil price spike is here to stay | GulfNews.com:
"When crude prices slowly deteriorated from $120 a barrel to near the $20s in almost 18 months, why should anybody be surprised if they went up few dollars in the last few days? But the more important question is whether this is a rebound or just another bump in the road of a roller-coaster market.
Like always, analysts are divided. There are those who believe that the rebound is real and there is only one way for prices and that is a recovery to some $50 a barrel. They say investors are “focused on declines in oil drilling and pinning their hopes on a freeze in output by major producers”, according to the New York Times.
In relative terms, the increase in the price of the Opec (Organisation of Petroleum Exporting Countries) Reference Basket (ORB) from $25.21 a barrel on February 10 to $35.22 a barrel on March 10 is undeniably significant, but has to be compared with a 21 per cent decline in January. The same trend is seen for other benchmarks and Brent tested more the $40 a barrel."
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