EIA Considers Oil Price Rise Temporary, Prices to Drop in 2014

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Hira Shahnawaz Akhtar
Published on
Updated on

Oil prices jumped significantly during the month of August following uncertainty in the Middle East. However, the fundamentals of the oil marker point towards a declining trend in the oil market throughout the remaining months of 2013 and through 2014. The Energy Information Administration (EIA) released its short-term outlook for the month of September 2013 and has indicated that the recent hike in crude oil prices was only temporary. Supply disruptions from Libya and conflicts in Syria were considered the main factors driving the price of oil upwards. Figure 1: Global crude oil supply versus major international price standards Shifting…

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Hira is a financial analyst whose expertise lies in commodity and other financial markets. Hira is currently an independent financial consultant and is working with many international firms like American Arab Solutions (AAS). She has previously served as a Senior Research Analyst at Alternate Research (Pvt.) Ltd. as the Team Leader for the International Equities Research. She has also worked as an equities analyst of Pakistani E&P stocks at Invest Capital Markets. She has experience in business development and conducting feasibility studies in commodity markets, specifically in sugar, palm oil and canola oilseeds. She has cleared all three levels of her CFA (Chartered Financial Analyst) and has an undergraduate degree in Finance.