The market just experienced their strongest start to the new year in over five years despite the recent dip in oil prices Monday. Bent crude remained above $70/ barrel while West Texas Intermediate held at roughly $66.
Two key drivers in this are the weakened dollar and the growth of oil production in general. This Fortune article claims, “U.S. crude production has grown by over 17% since mid-2016 to 9.88 million barrels per day (bpd) in mid-January”.
This has been the biggest January increase since 2013.