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Oil Markets Start 2018 With A Bang

Source: www.gulfoilandgas.com 1/3/2018, Location: Europe

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Oil prices opened the year above $60 a barrel — the strongest start to a calendar year since 2014. Both crude oil benchmarks — the U.S. West Texas Intermediate (WTI) and globally traded Brent — rose amid production cuts led by the Organization of the Petroleum Exporting Countries and anti-government protests in Iran.

Oil prices last hit $80 per barrel in November 2014. Both WTI and Brent collapsed from above $100 per barrel in June 2014 to around $30 a barrel in January 2016 due to weak demand, a strong dollar and booming U.S. shale production.

OPEC, along with other oil producers such as Russia, has curbed the supply of crude since January last year. The output cuts will be extended until the end of this year.

This year could mark a comeback for commodities, with oil potentially hitting $80 per barrel.

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