Analysts expect a surge in oil prices

Edward Morse, a commodities analyst at Citi Group, has a bullish attitude toward oil, saying current stocks and inventory levels are at "acceptable" levels.

Brent and WTI's futures have risen by more than 20% over the past two months. Morse believes there is a further rise in oil prices due to a decrease in supplies from Venezuela and Iran, as well as from OPEC.

Morse includes the variables and a possible decision by Donald Trump to extend sanctions to the eight states that import oil from Iran, as he has to make that decision by May 2nd.

Fereidum Fesharaki, President of FGE, backed Citi's forecast. According to Fesharaki, from the fundamental point of view of supply and demand, prices will find support and will be shot at $ 75 even to $ 80 in the second half of this year.

Trump, several times over Twitter, has criticized OPEC and Saudi Arabia for the extraction pruning they artificially raise the price of "black gold." Something that does not like Trump.

In December, OPEC and Russia reached an agreement to reduce the yield, playing a major role in the recovery process this year.

Fesharaki said that "there has never been a president that has so far influenced oil prices."

Source: CNBC

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