Crude oil is turning into a hot commodity as prices are soaring on falling inventories and the Trump administration’s warning to companies to cease buying Iranian oil. Oil prices traded lower in the first half of June, which was followed by huge gains in the second half. This month was a period of
JP Morgan: Oil Could Hit $78 Within Months By Irina Slav – Jan 30, 2018, 9:30 AM CST J.P. Morgan beat all other investment banks in their forecasts for the price of Brent crude this year, setting its projection at US$70 a barrel.
Crude oil is sizzling ; WTI price may hit $78 in the short term The medium to long term prospects for crude oil are very attractive and should be strong. Article original.
From a short term perspective, price action may remain choppy but the medium term outlook for WTI remains positive. Oil prices witnessed choppy action for a few days when WTI traded around $50 but a trend seems to developing.
Current prices are far higher than the United States Energy Information Administration (EIA’s) May Short-Term Energy Outlook forecasts, which put Brent crude oil price at an average of $71 per barrel in 2018, $7 per barrel higher than last month’s forecast.
Global crude oil prices is gradually moving towards reaching the $80 per barrel mark, as Brent hits $78.18, while Nigeria’s Bonny Light was sold at $77.54 per barrel during late trading hours on Monday.
Crude oil is the most important commodity and emerging industrial markets such as China, India and Latin America greatly influence the price of oil, since they require more and more oil to support
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