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Oil Change: Gyrating crude prices have spooked investors, and experts disagree if prices will go up or down
Not too many people enjoyed the rollercoaster ride in oil prices over the past year. The speed was too fast, the ups-and-downs dizzying, and when it was all over we all felt a little … unsettled.
So, do we climb back on for another ride?
Probably not. It appears the road ahead will flatten, although by how much is really just guesswork. Most folks in the oil or investment business will admit the $115 per barrel for Brent crude oil in June 2014 was too high, but the correction to about $45 per barrel in January was too low.
There are also pundits who say the recent upward swing to about $65 for crude oil is not sustainable either, so to remain a bull on oil could mean a bumpy ride ahead. Or not.
The general consensus is that the price for oil will ride in a range from about $55 to $80 a barrel, which is a fairly wide swath, and that is probably because there is a curiously uncomfortable mix of uncertainty, abundance and market manipulation