- U.S. crude oil closed above $60/bbl for the first time in two-and-a-half years, settling up 1% at $60.42 as a combination of supply disruptions this week and evidence of reduced crude inventories has helped push prices higher headed into 2018.
- WTI prices were supported by data from the EIA late yesterday showing U.S. oil production fell last week to 9.75M bbl/day from 9.79M bbl/day the previous week.
- Brent futures also rose, up 1.2% to $66.92/bbl after breaking through $67 earlier this week for the first time since May 2015.
- Prices have rallied nearly 50% since mid-year on strong demand and compliance with OPEC production limits, a trend Andrew Lipow of Lipow Oil Associates thinks will continue into next year; he expects U.S. crude prices to rise to ~$63/bbl by year-end 2018, while Brent remains near $67 as U.S. oil exports rise to record levels.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, DTO, FENY, USL, IYE, DUG, FIF, DNO, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, FTXN, JHME, ERYY, ERGF
- Now read: Is This The Most Important Question For Stocks In 2018?
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