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Posted On: 01/26/2015 9:26:52 PM
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Energy Stocks Lift Markets as OPEC Predicts Rising Oil Prices
NEW YORK (TheStreet) -- Stocks were flat to slightly higher in a topsy-turvy trading session Monday. Energy stocks rallied on OPEC predictions of oil prices as high as $200 a barrel, overshadowing earlier news that the anti-austerity party Syriza had won the general election in Greece.
Crude oil prices stabilized from an earlier selloff following reassurance from the secretary-general of OPEC that oil prices would bottom out at current levels. "Now the prices are around $45-$55 and I think maybe they reached the bottom and will see some rebound very soon," Abdullah el-Badri told Reuters. El-Badri also said without new investment crude oil prices could recover to $200-a-barrel levels as the supply-demand dynamic restabilizes over the next few years.
Energy Stocks Lift Markets as OPEC Predicts Rising Oil Prices
NEW YORK (TheStreet) -- Stocks were flat to slightly higher in a topsy-turvy trading session Monday. Energy stocks rallied on OPEC predictions of oil prices as high as $200 a barrel, overshadowing earlier news that the anti-austerity party Syriza had won the general election in Greece.
Crude oil prices stabilized from an earlier selloff following reassurance from the secretary-general of OPEC that oil prices would bottom out at current levels. "Now the prices are around $45-$55 and I think maybe they reached the bottom and will see some rebound very soon," Abdullah el-Badri told Reuters. El-Badri also said without new investment crude oil prices could recover to $200-a-barrel levels as the supply-demand dynamic restabilizes over the next few years.
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