Oil target of $50-55 from Deutsche Bank.

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Michael Hsueh, a commodities analyst at Deutsche Bank thinks that we will see higher crude prices in the years ahead.

“Our revised balance shows that the current year will remain in a material surplus of +650 kb/d, representing a halfway point between the +1,150 kb/d surplus last year and a modeled +160 kb/d surplus in 2017. The overarching theme for the medium term remains that the surpluses we are now experiencing, however severe, appear to fade over the next several years.” said Hsueh.

He provided a target of $50-55 per barrel for 2017.

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