The most recent in a series of oil price rebounds we've seen this year has the market speculating which direction the price will move next. Assuming the Brent to WTI differential remained consistent, that would equate to a WTI price per barrel of about $75. Overall OPEC production has dropped significantly during 2018 - OPEC's crude oil production fell by 70,000 bopd during February and a whopping 201,000 bopd in March, dropping the cartel's overall production to 31.96 million barrels per day. Global demand for crude oil remains strong - In its April forecast, the U.S. Energy Information Administration (EIA) raised its projection for global demand growth to 1.85 million bopd. On Friday, Credit Suisse raised its WTI average price forecast for 2018 from $56/bbl all the way up to $66/bbl.

Source: Forbes April 16, 2018 15:00 UTC