• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 2 hours Evil Awakens: Fascist Symbols And Rhetoric On Rise In Italian EU Vote
  • 1 hour Is $60/Bbl WTI still considered a break even for Shale Oil
  • 3 hours Theresa May to Step Down
  • 6 hours Old - New Kim: Nuclear Negotiations With U. S. Will Never Resume Unless Washington Changes Its Position
  • 3 hours IMO 2020 could create fierce competition for scarce water resources
  • 6 hours India After Elections: Economy And Hindu Are The First Modi’s Challenges
  • 3 hours IMO2020 To scrub or not to scrub
  • 7 hours Total nonsense in climate debate
  • 2 hours Devastating Sanctions: Iran and Venezuela hurting
  • 11 hours Trump needs to educate US companies and citizens on Chinese Communist Party and People's Liberation Army. This is real ECONOMIC WARFARE. To understand Chinese warfare read General Sun Tzu's "Art of War" . . . written 500 B.C.
  • 227 days Epic Fail as Solar Crashes and Wind Refuses to Blow
  • 4 hours Apple Boycott in China
  • 5 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 24 mins Level-Headed Analysis of the Future of U.S. Shale Oil Industry
Alt Text

Oil Tanks On Worst Day In Six Months

Oil prices plummeted on Thursday,…

Alt Text

STEO: Brent To Average $70 This Year

The Energy Information Administration expects…

Alt Text

The Fear Factor Is Back For Oil

While fundamentals suggest lower oil…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

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:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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