Crude Oil Prices Steady Near Multi-Year Highs

Crude oil prices steadied near multi-year highs on Wednesday, even as concerns over geopolitical tensions began to ease, as supply cut efforts by global oil producers continued to support the commodity.

Oil prices had climbed amid Iranian protests, marking the biggest challenge to the country’s clerical leadership since 2009. However, the protests were showing no signs of impacting Iran’s oil production.

Crude prices continued to be supported by production cuts led by the Organization of the Petroleum Exporting Countries and Russia. The producers agreed in December to extend current oil output cuts until the end of 2018.
more detail at: https://www.investing.com/news/commodities-news/crude-oil-prices-steady-near-multiyear-highs-1055462

Related Posts

Six companies buy oil from U.S. emergency crude reserve

Six companies bought 14 million barrels of oil from the U.S. Strategic Petroleum Reserve in a sale required by law to help fund medical research and the federal government, said the Department of Energy on Thursday. BP Oil Supply, Exxon Mobil Corp, Phillips 66, Shell Trading, Valero Marketing and Supply Company, and Macquarie Commodities Trading bought oil from the reserve, which is held in salt caverns on the Texas and Louisiana coasts. The companies bought the oil at a range from $46.98 to $47.91 a barrel, slightly below the current futures price of about $49.70 per barrel, depending on which location the crude came from and whether it was sent by pipeline or directly to vessels, which could export the petroleum.
Back To Top
×Close search
Search