You may have heard about the value of oil rallying, but this does not mean we will be seeing a return to July’s $100 per barrel prices anytime soon. The recent uptick has been more modest, moving from a low of $45 per barrel at the end of January to a spike of as much as $52 per barrel in mid-February.
There is reason to believe that oil prices have not hit bottom. In January, Iran’s Oil Minister Bijan Zanganeh has gone on the record saying that their country’s industry could withstand a drop in price to $25 per barrel.
You can read more about oil’s recent rally compared to the decline in oil prices here:
Another Big Reason to Think Oil Prices Aren’t Going Up Soon