Oil prices may hit $60 for a barrel in 2017: Chesapeake Energy Corporation (NYSE:CHK), Petroleo Brasileiro SA Petrobras (ADR)(NYSE:PBR)
Chesapeake Energy Corporation (NYSE:CHK) reported the drop of -0.14% and closed at $6.92 with the total traded volume of 21.30M shares. The stock’s opening price was $6.91. The company has a total market capitalization of $6.13B.
The 52-week price range of the stock remained $1.50 – $8.20, while during last trade its minimum price was $6.86 and it gained its highest price of $6.94. Company’s last 5 days shows a downtrend turn with down surge of -1.36%. The company shows its Return on Assets (ROA) value of -42.10%. The Return on Equity (ROE) value stands at 248.60%. While it’s Return on Investment (ROI) value is -145.70%.
Global oil prices “could possibly” hit the $60 per barrel mark following Opec production cuts, said Doha Bank CEO Dr R Seetharaman, who also forecasts a “positive” economy for Qatar in 2017.According to Gulf Times
“Opec is trying to cut the output and Saudi Arabia has reaffirmed that it will cut its production. And again, Opec and non-Opec are cutting the output and definitely oil reaching $60 per barrel this year is a possibility,” Seetharaman told Gulf Times yesterday on the sidelines of the Al Dana Green Run. “If the dollar is getting weak, oil futures will go up. Oil prices were once at $147 per barrel not because demand was exponential or supply was less but because the dollar was so weak way back in 2007.”
The Doha Bank CEO also said he expects Qatar’s economy to achieve a 3.4% growth this year.
“Non-hydrocarbon growth is going to be between 7% and 8%, and the government is going to run a balanced budget and no current account deficit. Of course, there will be a fiscal deficit on account of the huge investment in infrastructure. It is a good budget; the government has aligned the monetary policy and fiscal policy. I think it’s going to be a decent year,” he said.
According to CNBC, U.S. crude posted its first weekly loss in five weeks on lingering doubts over the extent of OPEC cuts, with sentiment worsened by concerns over the economic health of the world’s second-largest oil consumer China.
U.S. West Texas Intermediate (WTI) crude futures settled down 64 cents, or 1.2 percent, to $52.37. For the week, it ended about
Brent crude futures, the international benchmark for oil prices, were trading down 58 cents, or 1 percent, at $55.43 a barrel at 2:34 p.m. ET (1934 GMT) on Friday.
“China right now seems more interested in keeping capital in the country than focusing on growth overall,” Phil Flynn, analyst at Price Futures Group in Chicago said.
Shares of Petroleo Brasileiro SA Petrobras (ADR)(NYSE:PBR) fell -1.48 percent and closed $11.32 on Friday.