This week look ahead at the petroleum industry sees prices continue to rise after a steady climb and continued reports of lower than expected federal inventory. As Crude futures begin trading Sunday night oil futures are already trading 1.67 above Fridays close of just over $60 a barrel. Some speculator are calling $75-80 a barrel before an OPEC meeting scheduled in March. Lower than expected federal inventory reports of crude stockpiles and anticipation of gasoline season and restrictions being lifted leading to more traveling worldwide are driving up the prices. As of right now we will have to see if possibly a short term output increase as a solution will be resolved in OPEC’s meeting. This, too, depends on refinery capability and if they will be able to keep up with an increase in supply.
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