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The price of Oil at $55 per barrel is here for a while

The International Oil Agency predicts that the price of oil will stay substantially below the highs of the last three years for the foreseeable future. Ivana Kottasova from CNN Money reports the IEA's medium-term forecast sees prices averaging $55 per barrel in 2015. They should then start to recover but it will take five years for them to get to $73.


The price of oil being so low is fantastic news for the consumer and many industries. However industries that profit form the oil industry may see a downturn as projects are temporarily shelved.

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