World oil prices reached a seven month high as traders expect decline in US inventory, production problems in Nigeria and the wildfires that interrupted oil production in Canada. Crude prices plunged to a 13 year low below $30 a barrel. The oil market has been in the uptrend for the past three months.
Reference: NASDAQ
There are some speculations that there will be oil shortage in 2017 as an after effect of these occurrences increasing oil price to about $60 per barrel. This is good news to Oil & Gas people.
There has been hundreds of thousands of workers made redundant due to the declining oil prices. Projects has been put on hold or totally shelved affecting lots of workers in the industry. At the current situation, for every job opportunity, there are hundreds of applicants. Only the best of the best will get employment or looking at the other side of the wall, only the lucky are hired. Hopefully this oil price trend will continue so that more employment opportunities will be created.