The price of crude oil could touch $60 a barrel before the end of this year, as demand exceeds supply. That forecast would have been aggressively bearish as recently as three years ago, but with West Texas Intermediate trading last week at $44, $60 would mean a price jump of 35%.For every reason stated in this 3D explainer video that oil is going higher, just as credible reason can be made to the contrary:The OPEC nations will always cheat on each other and not adhere to export limits particularly now where they are short funding government budgets and social programs.Drawing down questionable amounts of crude in storage by 5% a year will not have any meaningful effect on price for a number of years.Hundreds of drilled and capped U.S. shale wells can be brought into production quickly if prices rise, putting a lid/quashing any price increases.Predicting oil prices is a fools game, but will likely be lower for longer.
