As of December 28, 2017, WTI Crude gained 11% for the year versus 17% for Brent; both oil contracts are trading at 2 1/2-year highs of late. Later today, Baker Hughes will give an update on the number of active oil rigs in the U.S. with last week’s data showing the number unchanged at 747. WTI is at $60.04; Brent is at $66.28 this morning.
Oil prices kicked back up after the American Petroleum Institute reported on Wednesday U.S. crude inventories declined by 6 million barrels for the week ended Dec. 22. WTI Crude is $59.25; Brent Crude is $66.42 this morning.
As Brent Crude prices hit the $66 mark, the market welcomed the signal as an opportunity for profit taking which was exaggerated by low trading volumes. WTI Crude is $59.49; Brent is $66.30 this morning.
It’s been a see-saw year for oil prices, albeit an upward trending one. Oil is a global commodity with numerous variables affecting it. WTI Crude is down slightly at $57.96; Brent crude is down at $64.52.
Merry Christmas to you all!
Oil prices have risen to the level of the five-year average, a level considered favorable by OPEC. A discussion on exiting the deal may be needed before December 2018 if, as OPEC expects, the world oil market returns to balance by late 2018. WTI Crude is slightly down at $57.88: Brent Crude is also down at $64.31 this morning.
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