Oil regains prestige!

Catogory : Market Report

Brent crude oil prices hit $ 69 a barrel on Wednesday, marking the highest close since 1125 days (more than 3 years) and touching the $ 70 level.

With Brent approaching $ 69.33, its prices have risen by 139.56% in two years, since January 10, 2016, then $ 28.94, up 25.03% from the 10 From January 2017, which amounted to 55.45 dollars.

US WTI futures closed at $ 1.23, or 2%, at $ 62.96 a barrel, after touching a high of $ 63.24 since the end of 2014.

Several factors contributed to the rise in oil prices during the last period, most notably the extension of the Organization “OPEC” and independent producer’s agreement to reduce production until the end of this year.

The economic reasons that contributed to the continuation of the rise were the reduction of OPEC and producers outside the oil production, extension of supply cuts until the end of 2018, in addition to the weakness of US crude stocks for a week, and is expected to penetrate Brent oil price of $ 70 Per barrel, during the current or next week.