NEW YORK, NY / ACCESSWIRE / March 21, 2016 / Ultra Petroleum Corp. (NYSE: UPL), Linn Co, LLC (NASDAQ: LNCO), EXCO Resources Inc. (NYSE: XCO), and Triangle Petroleum Corporation (NYSE: TPLM) are four companies in the independent oil and gas sector expected to make big moves in 2016 as the rally in oil begins. Oil prices hit 2016 highs on Thursday March 17, 2016, with U.S. crude surging 5 per cent to pierce the $40 barrier, on optimism that major producers will strike an output freeze deal next month amid rising crude exports and gasoline demand in the United States. A weaker dollar after a Federal Reserve policy decision on Wednesday that indicated two U.S. rate hikes this year instead of four also drew oil buyers using currencies such as the euro. OPEC kingpin Saudi Arabia and non-OPEC producers led by Russia will meet on April 17 in the Qatar capital Doha, aiming for the first global supply deal in 15 years. Oil prices have surged more than 50 per cent from 12-year lows since the Organization of the Petroleum Exporting Countries floated the idea of a production freeze, boosting Brent up from around $27 a barrel and U.S. crude from around $26.
"For now, the market is staying well supported, and the dollar is providing additional support," said Olivier Jakob, oil analyst at Petromatrix. "It will be difficult to return to the lows of the year."
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