Continental Focus, International Reach

Oil Prices Hover Near Three-year Highs

Wednesday, January 17, 2018

Oil prices have started off 2018 on a good note, basically on an upward trajectory hovering near three-year highs. Brent crude rose to top $70 per barrel on January 15 on signs that OPEC and Russia were continuing to tighten supplies. In the US, West Texas Intermediate closed at $64.90 per barrel. Both prices were on par with levels not seen since December 2014.
The quotas OPEC and some non-OPEC producers have been holding themselves to have lessened the supply glut and recently this has coincided with healthy oil demand this winter’s cold weather has promoted in some parts of the world, especially North America.
All in all, crude prices have risen 15% since early December.


« GO BACK