Crude is near 2015 maximums on tight market

Crude is near 2015 maximums on tight market

On Thursday, crude was steady with trading activity drying up on the eve of the New Year weekend.

Heading into next year, investors told that market conditions were quite tight because of everlasting supply cuts led by OPEC and Russia.

American West Texas Intermediate crude futures hit $59.69 a barrel, adding 5 cents from their previous close. Earlier this week WTI had overleapt $60 a barrel – the first such a jump since June 2015.

WTI gained support from the American Petroleum Institute, which reported a 6 million barrel sag in crude inventories to about 432.8 million.

Meanwhile, Brent crude futures reached $66.50 a barrel, soaring 6 cents. Earlier this week this crude benchmark managed to break through $67, which is the first time since May 2015 this week.

Investors told that the high prices were caused by a relatively tight market after a year of OPEC as well as Russia-led production drops that were started last January and supposed to cover all of 2018.

Similar

Latest news

Japan real wages surge is slowest in almost two years

Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera