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Oil prices continue to rise

27 January, 2018, 16:44 | Author: Samuel Sharp
  • WTI Crude Oil

Oil prices settled higher on Friday after hitting three-year highs, with crude also posting a weekly gain as a weaker United States dollar underpinned prices.

Start your workday the right way with the news that matters most. The dollar was poised for its longest stretch of weekly declines since 2010.

USA crude futures have also gotten a boost from draining stockpiles at the Cushing, Okla., storage hub - the delivery point for the Nymex crude contract.

The U.S. Energy Information Administration said Wednesday that the amount of oil in storage in the U.S. fell by more than a million barrels to 411.6 million.

Price support has also been coming from supply restrictions led by a group of producers around the Organisation of the Petroleum Exporting Countries (OPEC) and Russian Federation, which started past year and are set to last throughout 2018.


"The rebalance of the fundamental picture continues", said Gene McGillian, a director at Tradition Energy. Those remarks sent the dollar to three-year lows, bolstering oil prices.

The price of US WTI crude oil, meanwhile, was 1.27% higher at $66.44 per barrel. Total volume traded was about 52 per cent above the 100-day average.

According to reports, Brent crude oil was up 0.34 per cent at $70.76 a barrel on London's Intercontinental Exchange.

The Bloomberg Dollar Spot Index, a gauge of the currency against 10 major peers, has dropped 1.7% this week, heading for the biggest decline since July 2016.

While some analysts anticipate rising prices will touch off a wave of USA shale oil production that will sink prices, Johnston does not believe current prices are vulnerable to that scenario. "Demand tends to be overlooked sometimes and it's actually worth emphasizing how strong oil demand has been". That relationship has come into play this week: oil prices tumbled Thursday afternoon after President Donald Trump expressed his preference for a stronger dollar, sending the dollar up in late trading. Both crude benchmarks are up by nearly 60 per cent since the middle of previous year.

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