Oil leaps up to six-month highs as supply outages continue

Discussion in 'CFDs' started by Profiforex_Victory, May 16, 2016.

  1. Profiforex_Victory

    Profiforex_Victory Новичок

    Oil prices have risen up to highs of six months as outages in Venezuela and Nigeria saw a cut in global oil supply. For the past two weeks, oil prices have been steadily increasing with reduced US production, Canada wildfires as well as other supply cuts from non-OPEC producing nations.

    Reports coming from Libya revealed that crude shipments have started again from the port of Hariga, this port which is of great essence to output from Libya has been down blocked since the month of May began.

    These developments brought Brent to $49.05 for a barrel which is about 2.5% up. US crude on the other hand went close to touching session high for a session high as it rose up to $47.56, a climb of almost 3%.

    Goldman, one of the most renowned banks in the commodities which notably predicted that oil prices would fall even below $20 for a barrel owing to a looming global over supply has turned its predictions around as it predicts that for the second half of 2016, oil prices could rise as high as $50 for a barrel.

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