Oil prices notched their Strongest start to a calendar year since 2014 on Tuesday, amid anti-government protests in Iran and ongoing OPEC -led production cuts.
Goldman Sachs and Morgan Stanley both raised their respective oil price forecasts in the latter months of 2017, citing a stronger-than-anticipated OPEC-led commitment to extend production cuts.
The cuts, which started in January 2017, are poised to continue through all of 2018 as the allied oil producers seek to clear a global supply overhang.
Keating said that if forecasters predicting further interest rate rises were found to be correct over the next 12 months then this would "really matter" for U.S. shale supply.
The price of oil collapsed from almost $120 a barrel in June 2014 due to weak demand, a strong dollar and booming U.S. shale production.
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