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.
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.
2. The Casualty Effect of Sustained $68 per barrel on the Economy
3. Oil Price Increases on Tighter Market Supply
4. Oil Prices Slipped 0.26% in Sympathy with A 5% Slump in Copper Prices
5. NEITI: Nigeria’s Oil Revenues Plunged by 55% to $24.8b in 2015
6. Nigerian NNPC Seeks Up To $5B Cash-for-Oil Deals With Traders
7. OPEC Extension Sends Oil Prices Soaring; The Oil Market Look Out For The Week