Oil prices up but Scotiabank predicts a gloomy year

Oil prices up but Scotiabank predicts a gloomy year

Oil prices up but Scotiabank predicts a gloomy year Oil prices may have rallied as we head into a new month but according to Scotiabank’s commodities index the year ahead will be a tough one for the oil firms. Patricia Mohr, Scotiabank vice president, sees a sub-$50 price for West Texas Intermediate for the next 12 months before a ‘recovery’ to $55 at year end. The continued high supply of oil while demand subsides is her reasoning.