Oil Crosses $70 Per Barrel Rubicon Line

Oil & Gas
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Thursday, January 11, 2018 7.32PM / Proshare Research 

In recent time, the bullish run experienced in oil prices have left many analysts guessing. If the on-going second wind will trigger oil prices to cross beyond the $70/barrel, a psychological threshold that seem to have been farfetched as at the emergence of the global downturn in 2014.

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Earlier in the day, the market seem to have calm such nerves, as oil price hit $70/ barrel during mid-day. However, oil prices retreated backward to $69.75/ barrel underpinning the need for greater momentum to sustain the $70 mark.

Supply disruption in places like Libya and Venezuela, civil concerns in Iran and the bolstering animal spirits in high income countries certainly has reinvigorated the effect of the on-going second wind on oil prices, thus sustaining a $70/ barrel is closer than ever before.     

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