Oil Prices May Soon Rise

(MarketWatch) -Oil prices may soon head upward, breaking out of the tight range in which they’ve traded lately, a top energy analyst said Monday.

Speaking at the S&P Platts London Oil & Energy Forum on Monday, PIRA Energy’s Gary Ross said the bull market for oil is about to return, potentially sending prices as high as $60 a barrel in the coming weeks.

“We think the markets have consolidated enough and that the next, smaller leg in the bull market is about to occur,” said Ross. “We are actually quite [upbeat] on prices, particularly when the April contract becomes the front-runner later this week.” (The “front-runner” is the nearest tradable contract.)

The April contract for West Texas Intermediate crude oil CLJ7, +1.28% recently trading around $54, becomes the front-runner on Tuesday. Brent LCOJ7, +0.96%  is already trading with deliveries for that month and was recently around $56. – Read More