A great oil surge
As usual, the reason is hidden in US political games…
Crude closes to mid-2015 maximums
On Wednesday, crude was steady, not far off mid-2015 maximums hit the previous session because firm demand along with ongoing efforts led by OPEC and Russia to diminish output tightened the oil market.
American West Texas Intermediate crude futures showed $60.40 a barrel, gaining 3 cents from their previous settlement, which is not far off the $60.74 June 2015 maximum hit the previous day.
As for Brent crude futures, they reached $66.55 a barrel, sliding 2 cents, which is not far off the $67.29 May 2015 peak from yesterday.
Notwithstanding this, there were signs that in the last days of 2017 markets had overshot because American output is set to edge up further and also doubts are emerging as for whether demand surge is able to continue at current levels or not.
American output has edged up by nearly 16% since mid-2016, reaching 9.75 million bpd at the end of 2017.
Meanwhile, for the whole of 2017, Russian crude output rallied to 10.98 million bpd versus 10.96 million bpd in 2016 and also 10.72 million bpd in 2015.
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