Oil Prices Gains

Prices continued to rise on Wednesday, Dec 23, in response to OPEC’s announcement that prices will return to $70 per barrel by 2020. On the New York exchange the price rose $0.69 to $36.83 per barrel, an increase of 1.9 %. The OPEC announcement came in the annual World Oil Outlook. The U. S. benchmark price was also strengthened on the news that congress has agreed to lift the export ban. If U.S. producers are able to export oil in 2016 the oversupply stockpile will decline.