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Oil Prices to Remain “Ugly”

Oversupply and continually growing global stockpiles have led Morningstar Inc.’s David Meats to write that oil prices, in the near term, will remain “ugly.” In a recent report, Meats pointed out that, while West Texas Intermediate prices did reach a high in late March, they have been dropping. This could be due to forecast output from the Middle East.

In a related story, Dominick Chirichella with the Energy Management Institute indicated that an upcoming meeting between OPEC and non-OPEC producers to discuss a freeze in oil output could be postponed. Even if a freeze occurs, he said, Iran will likely not be part of that agreement.

Read More at Houston Business Journal

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About Mark El-Rayes

Mark El-Rayes is an award winning designer and photographer from Beirut, Lebanon. El-Rayes has over 15 years in the design industry, 5 years of which he served as a Mass Communication Specialist in the United States Navy at Naval Air Station North Island, Navy Public Affairs Support Element - West (NPASE). El-Rayes is a full-stack developer, seo specialist, photographer, and artist.

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