Oil could rise to $70 this year: Strategist

Crude oil has broken through a significant hurdle, one that may signal that low prices are officially behind us.

The WTI contract's ability to surpass its 200-day moving average on Tuesday for the first time since July 2014 is a meaningful sign, according to Amherst Pierpont strategist Robert Sinche.
http://www.cnbc.com/2016/04/13/oil-could-rise-to-70-dollars-this-year-strategist.html

 

I thought we were going below $20. I'm so confused.

 

You haven't been paying attention. Russia leaving Syria was the first tell oil has bottomed - there had to be an backroom agreement between the Rooskies and the Saudis regarding oil production and Mother Russia defending Assad. Now the question is how Assad is removed, by rebels or by some invading force (Hillary next year)?

 

Iranian prime minister is not going to attend the meeting.

 

GS said $20-$40, but i would NOT call that prediction; especially since it close above $40 last month. I hear an industry insider afraid of oil hitting $10; but like Art Cashin said ''panic sellers never win''