West Texas Intermediate crude futures, the U.S. oil benchmark, crossed $80 per barrel on Friday for the first time since November 2014 as demand rebounds while supply remains tight.
The U.S. oil benchmark jumped more than 2% to trade as high as $80.09 on Friday, before easing from that level and hovering around $79.70 at 11:30am on Wall Street. Brent crude, the international benchmark, advanced 1.7% to $83.32 per barrel.
Oil prices have surged in recent days alongside a broader rally in commodities including natural gas and coal amid an energy crunch that’s sweeping Europe and Asia.
“The $80 print became an inevitability,” said John Kilduff, partner at Again Capital. “Despite the rise in U.S. crude oil inventories in this week’s report, the global market remains tight and in a supply deficit. … Unless and until OPEC+ acts to meaningfully increase supplies, prices will grind higher still.”
Read more at CNBC.
{Matzav.com}
No mention of shutting down the Keystone Pipeline… Thanks President Yogurt Brains.
Thank you Joe Biden and all those complicit in rigging the election results.
Thank you Joe Biden for messing up the economy. You just keep eating your oatmeal with apple sauce.
Useful information. Clear examples. But a bit too few details. And I would also like to compare the product to other similar ones as it’s done on COMPACOM. It’s always more convenient to make a choice of any service when you review various offers.