Price Speculations Continue
U.S. oil prices hit their highest since 2015 again on Tuesday as speculators bet on further price rises amid OPEC-led production cuts and a dip in American drilling activity, though some warned the rally could run out of steam. U.S. West Texas Intermediate (WTI) crude futures were at $62.24 a barrel at 0252 GMT – 51 cents, or 0.8 percent, above their last settlement. They earlier marked a May-2015 high of $62.56 a barrel. Earlier this year, oil prices slumped on concerns that rising crude production from Nigeria, Libya and elsewhere would undermine output cuts led by the Organization of the Petroleum Exporting Countries and Russia.
The organization of the petroleum exporting countries and allies, including Russia are keeping supply limits in place in 2018. The second year of restraint will reduce a price denting flood of oil held in inventory. Prices have rallied nearly 50 percent since the middle of the year on robust demand and strong compliance with the production limits. “That trend is likely to continue into 2018 and worldwide oil inventories will continue their decline,” said Andrew Lipow, president of Lipow Oil Associates in Houston. China has already been the world’s largest importer and is expected to hit another record in 2018 if Beijing will allow more independent refiners to import crude oil.
-
Former President Donald Trump Leaves Republicans Speculating on His Debate Strategy Former President Donald Trump has definitively confirmed that...
-
The recent incident involving U.S. soldier Travis King, who crossed from South Korea into North Korea, has garnered significant...
-
The U.S. President assures support and aid as island grapples with Deadly wildfires and recovery challenges US President Joe...
-
Tragedy unfolds as FBI confronts man over alleged threats against President Biden An incident unfolding on Wednesday shocked the...
-
Protecting the Process in Trump’s January 6 Case In the federal courthouse of Washington, DC, security measures surrounding the...
-
A New York Times/Siena College poll reveals surprising results A recent New York Times/Siena College poll reveals an intriguing...
-
Phoenix, Arizona, experienced a record-breaking stretch of scorching temperatures above 110F (43.3C) that finally came to an end yesterday...
-
Ron DeSantis Defends Florida’s New Slavery Curriculum Ron DeSantis, the Governor of Florida, recently defended introducing new education standards...
-
A Heartfelt Farewell to Tafari Campbell Over the weekend, a somber atmosphere enveloped Martha’s Vineyard as news spread about...
-
Caught on Camera: Hunter Biden’s “Sugar Brother” Lawyer in Bong Scandal In a recent incident, Kevin Morris, a prominent...
-
Breaking the Chains: Biden Administration Erases $39 Billion in Student Loan Debt. In a move aimed at providing much-needed...
-
Controversial Claims: Robert F. Kennedy Jr. Faces Backlash Over Covid Conspiracy Theories Robert F. Kennedy Jr.’s recent conspiracy-filled tirade...