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Oil neared its largest quarterly advance in seven years on Thursday.
Though futures dropped 2.6%, the sector should see gains. Disruptions in supply and declines in US output—which fell for the sixth consecutive week—ignited a rally of more than 85%, and energy experts project the market will balance itself out this month as demand growth outpaces supply.
Goldman Sachs gave $50/barrel forecasts for the second half of 2016, though the company said recovery in Nigerian production could negatively affect those projections, Bloomberg reports.
“The cease-fire in Nigeria is putting downward pressure on the market," Again Capital partner John Kilduff says. "The return of the Nigerian oil production would take away one of the biggest supports of the market over the last several weeks.” [Bloomberg]
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