OPEC, for some quiet moments..

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The oil bulls are out again as one RBC oil expert sees oil heading about 50 percent higher over the next year. Last week, Crude oil fell nearly 7 percent, hitting a three week low of $43 on Thursday before rebounding a bit on Friday following the weaker than expected jobs report. While she believes oil prices will be volatile in the short term, RBC Capital Markets' global head of commodity strategy, Helima Croft, predicts that the commodity will rise as high as $60 in the year ahead.

Oil could be set for a serious comeback: RBC’s Croft

The largest oil traders are anticipating little relief to what has become the worst market slump in a generation. All but one of 15 senior oil traders and executives interviewed this week at the annual Asia-Pacific Petroleum Conference in Singapore expect crude to remain between $40 and $60 over the next 12 months. Brent crude has traded in that range for the past five months.

Biggest oil traders see another year of pain as glut endures

Oil extended gains after a government report showed that U.S. stockpiles plunged. Crude inventories fell 14.5 MMbbl, according to the Energy Information Administration. That was the biggest drop since January 1999. A 905,000-bbl gain was projected by analysts surveyed by Bloomberg before the release. Tropical Storm Hermine moved into the Gulf of Mexico on Aug. 28, disrupting shipping and output before moving northeast.

Oil extends gains after U.S. supplies tumble the most since 1999

A meeting in Algiers at the end of September between OPEC and Russia—which together pump more than half the world’s oil—has raised expectations that a deal could be struck to boost prices. Oil is still trading at half its 2014 level amid a persistent global oversupply. While a production decline in the U.S. has helped to curb the surplus and prices have risen more than 25% this year, swollen inventories across the globe have kept crude below $50/bbl, too low for many producers to balance their budgets.

Four scenarios for oil producers as they seek to boost prices