Why Oil Prices Will Rise to $50 This Week

Oil prices should charge to $50 this week given several powerful factors working in the commodity's favor. Expectations are more confident now for another bullish draw from inventory storage levels this week, due to the Canadian supply disruption. The situation in Nigeria has deteriorated as well and is a support to higher prices. The economic outlook for the U.S. got a boost from April's retail sales growth, which is an important indication about U.S. energy demand. Finally, Goldman Sachs (NYSE: GS) made a bullish call on oil. With all these factors working in its favor, oil prices should rise into the $50 mark for Brent and I suspect for WTI crude as well this week. See the whole story at Why Oil Will Rise to $50 this Week.

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