Oil Analyst: $60 Could Be The New $90

(Houston, TX)  —  “60” could be the new “90” in the oil industry.

Energy analyst David Pursell tells the “HoustonChronicle” that the magnitude of recent production cuts means 60-dollar a barrel oil should be a reality soon, even if OPEC members cheat on their promised production quotas.

Oil prices reached 18-month highs yesterday, closing at roughly double this year’s low price set in February.