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Oil Will Rise to Early $40s by End-2016, Nigeria Minister Says

  • Crude prices may drop further before they start to rebound
  • Second half of year `holds more promise' for oil market
Bloomberg business news

Kachikwu: No OPEC Meet Unless Majority Calls for It

Crude oil will rise above $40 by the end of the year as low prices force producers to cut investments and a supply glut eases, Nigeria’s Petroleum Resources Minister of State Emmanuel Kachikwu said.

Oil, currently trading below $30 a barrel, could drop further before starting to rebound, he said Thursday in a Bloomberg Television interview at the World Economic Forum in Davos, Switzerland. A reduction in spending by energy-rich countries and companies will trim supply, he said.