The Brent oil price is exactly where it was when I last blogged in late December at $55.31:
This is appropriate enough given little has changed. OPEC is making its cuts, Libya is pumping more and US shale is rollicking back into business. All three trends will continue all year with little or no price momentum either way.
The EIA sums it up:
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Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2017
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David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
