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Page added on December 30, 2008

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Oil Set for Rebound as Record Drop Spurs OPEC Cuts

(Bloomberg) — Oil futures may rebound from their worst year to average $60 a barrel next year as OPEC makes record production cuts to counter the deepest economic slump since World War II.


The forecast, the median of 33 analysts compiled by Bloomberg, represents a 52 percent gain from today


While oil tumbled from a record $147.27 in July consumers in the U.S., Japan and Germany faced their first simultaneous recessions in six decades. The plunge risks curtailing investment in new rigs, refineries and alternative energy sources, setting the stage for a supply crunch later on.



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