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Higher Oil Prices Are In The Pipeline

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Things are getting interesting again on the crude market, with Donald Trump relaunching his Twitter attacks on OPEC, albeit in much more diplomatic wording now, amid US-China trade talk prospects brightening after several weeks of market skepticism. Against the background of crude oil prices rising, President Trump also took issue with the OPEC production cuts rendering crude prices too high and threatened the blackout-stricken Venezuela with another round of sanctions. This plethora of geopolitical factors easily prevailed over the American Petroleum Institute and EIA both of which confirmed a crude inventory build.

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Thus, for the first time in almost six months, the global crude benchmark Brent edged very close to 70 USD per barrel, pulling off a solid four consecutive days of growth. On Wednesday afternoon the Western hemisphere benchmark WTI traded at around 62.5-62.8 USD per barrel.

1. Saudi Aramco Publishes Financial Results for First Time Ever

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- Just as Saudi Aramco announced its intent to but 70 percent of Saudi petchem holding Sabic, the Saudi national oil company disclosed its 2018 financial results, for the first time ever.
- The Saudi NOC’s revenues exceeded $356 billion last year, still mostly generated by crude sales which accounted for 56.4 percent of the total (down exactly 30 percent from 2016).
- Saudi Aramco reported a ground-breaking $111 billion net income…




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