Analysts still believe in an oil price over USD 100

The oil price decline over the past few days has not undermined analysts' confidence that an even higher oil price lies ahead, while the fall marks good news for tanker carriers.

Although the price for a barrel of North Sea oil has declined in recent trading days, it is highly likely that it will rise again and hit USD 100 in the coming years, predicts Norwegian oil analyst Torbjørn Kjus from DNB Markets according to Dagens Næringsliv.

The price for a barrel of North Sea oil has declined by over five percent across three trading days, landing at USD 75 Monday. The price decrease was sparked by announcements from Saudi Arabia and Russia that the countries would be increasing production and will send more oil into the market. Thus far, the price drop has been a reaction to the news, says Kjus.

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