Kuwait Predicts Oil Price Will Rise

In an interview with Reuters news Kuwait’s Oil Minister, Ali al-Omair noted that economic growth and the loss of many high-cost producers has tightened global oil and OPEC forecasts a higher oil demand in 2016. He said, "There are indications that a lot of high-cost oil production is starting to get out of the market and this will help improve prices.” Al-Omair’s comments came after the weekly Baker Hughes rig count showed falling numbers for the sixth consecutive week. Brent crude reacted to al-Omair’s statements by increasing to $52.85 and U.S. light crude rose 15 cents to $49.78.