• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 8 hours US top CEO's are spending their own money on the midterm elections
  • 6 hours EU to Splash Billions on Battery Factories
  • 16 hours Petrol versus EV
  • 5 hours The Dirt on Clean Electric Cars
  • 24 mins Satellite Moons to Replace Streetlamps?!
  • 10 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 8 hours The Balkans Are Coming Apart at the Seams Again
  • 12 hours 10 Incredible Facts about U.S. LNG
  • 5 hours Uber IPO Proposals Value Company at $120 Billion
  • 21 hours E-mopeds
  • 8 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 11 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 1 day These are the world’s most competitive economies: US No. 1
Alt Text

What’s Next For Oil Prices?

Oil markets will continue to…

Alt Text

Goldman Sachs: Oil Unlikely To Reach $100

Goldman Sachs’ chief commodities analyst…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

Oil Prices Jump To Six-Month High

Oil Prices Jump To Six-Month High

Oil prices surged to their highest levels in six months on Wednesday as the Fed left interest rates unchanged. WTI jumped by 2.8 percent to $45.29 per barrel and Brent climbed by 3.17 percent to $47.19 per barrel.

Those are the highest prices so far in 2016 and the oil markets continue to bet on rising momentum for crude. The Federal Reserve added strength to oil when it announced its decision to leave interest rates unchanged, a move that caused the dollar to weaken and oil prices to rise. The Fed also softened its language regarding its concerns over the health of the global economy, which signals a bit of confidence that demand could pick up pace. Related: $500 Billion In Lost Oil Revenues Forces Gulf Nations To Turn To Debt Markets

The EIA also revealed on Wednesday that U.S. oil production continues to fall. Weekly output fell by another 20,000 barrels per day to 8.938 million barrels per day. U.S. production is down almost 800,000 barrels per day from the April 2015 peak.

But there are still some warning signs for crude oil. While industry data pointed to a decline in crude oil inventories, the EIA disappointed oil traders when it reported an uptick in storage levels. The U.S. set another all-time record, with storage rising by 2 million barrels last week to 540 million barrels. Related: Massive Oil Theft By Pirates Costs Nigeria $1.5 Billion Every Month

Also, the durability of the sharp rise in oil prices over the past two months – both WTI and Brent are up about 70 percent since February – could be tested if speculators decide to lock in profits and sell off their long bets. Additionally, if U.S. shale drillers decide to send rigs back into the oil patch, some drilled but uncompleted shale wells could begin to come online, adding new supply to the already flush market. Oil bulls are hoping the worst is over, but they are not out of the woods yet.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:


x


Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News