The market has reacted to the unexpectedly pronounced fall in U.S. crude-oil stocks and the escalating tensions in the Middle East. Oil prices have rallied around 15% since the middle of the month. WTI Crude is $59.03; Brent is $65.95 this morning.
U.S. crude oil production reached a new all-time high of 12.2 million barrels per day in May. Record production was achieved despite less drilling activity, which is a testament to productivity and the pipeline infrastructure expansions which enabled drilled but uncompleted wells to come to market. WTI Crude is $57.67; Brent is $64.46 this morning.
Traders are going be reluctant to go into the weekend holding any short positions after the drone, missile and rocket attacks across the Middle East this week. They will stake their bets based on today's developments, churning the market yet again. WTI Crude is $57.72; Brent is $64.51 this morning.
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