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Oil Rally – Prices Move to Highs Not Seen Since 2014/15

by | 10 Jan, 2018

Oil prices are starting to climb towards highs not seen since 2014/15, as OPEC led production cuts and healthy demand drive the value higher.

The price of Brent Crude hit $69 a barrel late yesterday, but analysts are warning that markets may be overheating. A broad global market rally, including in stocks, has also been fueling investment into crude oil futures.

In an effort to prop up prices, OPEC nations alongside Russia extended an output cut deal last November that was due to expire in March this year to cover all of 2018 instead. The cuts mostly targeted Europe and North America and were aimed at reducing a global oversupply that had pushed prices down since 2014.

The American Petroleum Institute said on Tuesday that crude inventories fell 11.2 million barrels in the week to January 5, to 416.6 million barrels. US oil production has undermined OPEC efforts, as the country is poised to break through the 10 million barrels per day mark soon, reaching the levels of countries like Saudi Arabia and Russia.

Related: Oil Markets Touch 2-year Highs while World Stock Markets Show Great Health

Samsung Predicts Major Gains

There has been a stellar run for Brent Crude prices over the past month

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ALL RIGHTS RESERVED © INVSTR LTD. 2018

Risk Disclosure:
Invstr is a technology platform, not a registered broker-dealer or investment adviser. Invstr does not offer its own recommendations of any security or provide its own research to any user regarding any security transaction or order.
Please note, investing involves risk and investments may lose value. Past performance does not guarantee future results.
Brokerage services are provided by the following:
US-traded securities, including fractional trading, are provided to Invstr users by DriveWealth LLC, a regulated member of FINRA/SIPC. DriveWealth may not establish investment accounts to residents of certain jurisdictions. For more information, including disclaimers, risk and transaction fees click here.
India account traded securities are provided by SIC Stocks & Services PVT Ltd. SIC does not make any personal recommendations to buy, sell or otherwise deal in investments. Investors make their own investment decisions. The services and securities provided by SIC may not be suitable for all customers and, if you have any doubts, you should seek advice from an independent financial adviser. For more information and disclaimers, click here.

 

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