Oil Prices Rebounding

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Oil Prices Rebounding

03/19/2002
NEW YORK -- With last week's Organization of the Petroleum Exporting Countries meeting in the books, energy markets once again will keep a close eye on demand. Can an economic recovery spur demand, pushing energy prices higher? That scenario is beginning to take shape, according to TheStreet.com.

If that happens, oil prices should inch higher as the year progresses. In fact, some analysts think that without an OPEC production increase later this spring, a return to oil prices above $30 a barrel is in the cards, the report said.

With oil trading around $24 per barrel, well within OPEC's price band of $22 to $28 per barrel and close to its $25 target, recent production cuts and OPEC's cohesion appear to be working.