Economy

Oil near 2015 highs on strong China data

Oil near 2015 highs on strong China data

Eventually, I believe that we will go looking towards the $62.50 level, and if tensions in the middle east rise between Iran and Saudi Arabia, that could be another catalyst to push the oil markets higher. OPEC basket price reached 61 dollars and 84 cents, indicating a 13-cent increase compared to the previous week. WTI futures are now up 0.62% at $60.21 per barrel.

On Thursday, the U.S. Energy Information Administration reported that crude stockpiles fell to the lowest level since October 2015 in the week ended December 22.

Dubai and Oman crude oil prices are respectively $61.84 and $61.90 per barrel, indicating an upswing of 63 and 57 cents. The original deal, struck in late 2016, has helped ease global inventory levels and spurred a market rally in the second half of this year.

Oil prices rose on Wednesday, with US light crude hitting highs not seen since June 2015 after disruptions to a major pipeline dented Canadian deliveries to the United States, where crude inventories were also reported to be falling.

This week, WTI broke through $60 a barrel for the first time since June 2015, while Brent breached $67 for the first time since May 2015.

Korea holds Panama oil tanker suspected of N. Korea trade
The ship, KOTI, was seized at Pyeongtaek-Dangjin port, the official told Reuters, without elaborating, because of the sensitivity of the issue.

"The economies look pretty good, demand is decent".

Refiners have helped chip away at excess crude supply by turning it into products such as gasoline and diesel.

The effort culminated with a meeting in Vienna in November, where the group and its allies agreed to extend the cuts through the end of next year.

"We're seeing a response to the weather, no question".

Brent markets rallied as well, clearing the $65 level during the week.

Truck belonging to Bucs' Jackson found to have marijuana, bullets
But Jackson, 31, said the truck registered to his name was borrowed by one of his friends while he was out of town. Jackson's rep says one of his friends is responsible for the crash and that "the incident is being handled".

Barrel is the unit of measurement of oil volume. "We still think there's more risk to the downside than anything". Bullish bets outnumbered bearish bets by 411,972 contracts in the week ended Tuesday, according to data from the Commodity Futures Trading Commission.

Refinery crude runs rose by 335,000 barrels per day, EIA data showed.

In the most recent week, United States production dipped modestly to 9.75 million bpd from 9.79 mln bpd the previous week.

"We've seen quite a bit of hedging activity in last 30 days", Mr. Kung said.

While the threat of too much shale production next year still looms, producers are ending the year a lot less gung-ho than they started.

Trump tells NYT he thinks Mueller will 'be fair'
When pressed on the issue, Trump replied, "It doesn't bother because I hope that he's going to be fair". I will say this: Holder protected President Obama.


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