Industrial Distribution magazine recently published an article by Mike Hockett, managing editor, that read “Oil Will Rebound to $70, but not until 2020”. It goes on to explain that OPEC released its World Oil Outlook and it continued by saying that oil will move to $95 per barrel by 2040. Recently, oil prices have fallen to their lowest levels in 11 years, since July 5, 2004 and oversupply is the culprit.
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via Oil & Gas Downturn Affects Industrial Suppliers Too – Fastenerblog.net.