Prediction of the day: 'Oil back to $70 in 2015'

Credit ratings agency Fitch sees the oil price rising this year. Hector Reid reports on who will be the winners and losers.

15-1-13-sechin-634
Rosneft's chairman, Igor Sechin, sees oil prices rising

What's the story?

a report on Friday

oil price

What does everyone else think?

told reporters

Chad Mabry, an energy analyst at a New York investment bank, agrees with that forecast. "If you look at the fundamentals into the back half of 2015, we are seeing equilibrium on supply and demand balance", he saidin an interview with CNBC. "We are seeing supply come down." This would, in turn, put prices up.

Who benefits from higher oil prices?

In Russia, an oil price significantly below $70 a barrel "could precipitate a deeper recession and put further strain on public finances, severely limiting the authorities' room for manoeuvre", Fitch's report states.

Who benefits from lower oil prices?

The Economist

Chances the prediction is right: 78.5%

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