CNBC Survey: How Much Will Oil Cost by the End of 2016?

Survey saysCNBC, not known for being an objective news source (witness the Republican debate debacle earlier this year), conducted a survey among 22 strategists, traders and analysts on the topic of the price of oil. MDN sometimes covers oil stories because natural gas oil are joined at the hip. Often the same E&Ps that drill for oil also drill for gas. And when you drill a hole in the ground, you get what you get–not only oil, but “associated gas” and gas liquids. Hydrocarbons of all kinds come out of the holes drilled. So it pays to pay attention to the oil market and what’s happening with the price of oil. According to the CNBC survey, those responding said overall they expect drilling to pick back up with the price hitting $50 per barrel. But they also said it won’t really pick up in earnest until the price hits $60 per barrel. Roughly half expect the price of oil to remain in the $40-$50 range until the end of 2016, with the other half thinking it will go higher. Only 9% believe come Dec. 31 the price will be at or above $60/barrel…

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