The oil market experienced a more than 1% rise last week, adding on to previous gains. Saudi commented that they’d rather have a market somewhat undersupplied than end the OPEC deal and withhold production. Traders said, “Prices rose on the back of ongoing weakness in the U.S. dollar against other leading currencies, further supported by …
The futures of oil gave up some of the gained ground on Thursday over supply worries. West Texas Intermediate experienced its biggest one-day rise since the end of December. Market Watch Report stated, “Crude prices climbed Wednesday after the Energy Information Administration said U.S. inventories rose just 1.8 million barrels in the week ended Feb. 9, …
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 …
President Donald Trump has vowed to continually limit the supply of oil and petroleum products to North Korea. This comes as an attempt to limit North Korean developments of nuclear weapons. An article by Reuters reported, “North Korea on Saturday condemned the latest U.S. sanctions. and Russian deputy foreign minister Igor Morgulov said Russia had …
Citigroup Inc. claims wildcards including war, Middle East tensions, Donald Trump and Kim Jong Un driving crude toward $80 a barrel. According to an article in Bloomberg Markets, “After prices were boosted by OPEC’s output curbs in 2017, the U.S. President has shifted the focus to geopolitical risks, with his pursuit of sanctions on Iran …
The price of oil rose above $68 on Tuesday, hitting levels not seen since mid 2015. The rise, according to Reuters, is the result of “OPEC-led production cuts and expectations U.S. crude inventories fell for an eighth week.”
Europe will be paying more for oil now that russia is moving more of its supply to the chinese oil market. Russia is the biggest crude oil supplier to China and will most likely gain the exports to the country by 200,000 barrels a day in 2018. Russia supplied 5.12 million tons of their crude …
Prices in 2018 will be decided in Texas. Crude oil is expected to hit record levels next year. Brent crude oil, a major trading classification of sweet light crude oil that serves as a major benchmark price for purchases of oil worldwide, is expected to average $60 per barrel in 2018, while others will average …