Oil prices hit new highs to make the biggest monthly gains\nin nearly a year as expectations emerge in the market that supplies will shrink\nin the markets.<\/p>\n\n\n\n
Oil futures rose 1.1% on the New York Stock Exchange, to\nprofit in the third consecutive session after trading resumed after the\nChristmas holidays. Prices have risen 12% this month, and have reached their\nhighest level since mid-September. The American Petroleum Institute said that\nUS stocks cut 7,900,000 barrels last week, while Russia cut crude production.<\/p>\n\n\n\n
The drop in inventory will be the largest since August,\nconfirmed by government data on Friday. Expectations for nine analysts in a\nBloomberg survey showed a drop of 1,500,000 barrels. According to Interfax news\nagency, quoting Energy Minister Alexander Novak, Russia cut production by\n240,000 barrels per day in the first 24 days of December.<\/p>\n\n\n\n
Oil has risen by 36% so far this year, and prices have been\nrecently supported by the improvement in the trade war between the two largest\neconomies in the world. Futures were also strengthened by production cuts made\nby the Organization of the Petroleum Exporting Countries and its allies, as\nwell as by diminished production growth in the United States of America.<\/p>\n\n\n\n
West Texas Intermediate oil futures for February delivery\nrose nearly 65 cents to $61.76 a barrel on the New York Mercantile Exchange\nbefore the markets closed last Wednesday for Christmas. While, the settlement\nof Brent crude for February rose 59 cents, bringing the price of a barrel to\n67.79 barrels. Prices rose 81 cents to $67.20 a barrel on Tuesday, and are up\n8.6% so far this month.<\/p>\n\n\n\n
Chinese data showed today, Wednesday, that US soybean\nimports rose to their highest level in two years, while US President Donald\nTrump said that the trade agreement between the two countries is underway. He\nadded that the two sides are working on translation and paperwork, noting that\nthe agreement will be signed before the meeting with his Chinese counterpart Xi\nJinping.<\/p>\n\n\n\n
According to analysts in the oil markets, the markets show\nthat much of the strength in oil prices was from cash flows and short coverage\nin the first months of last year 2019. Analysts also believe that there is a\ngood opportunity for high oil prices during several years with production\ngrowth slows from producing countries outside OPEC in the next decade.<\/p>\n\n\n\n
Finally, hedge funds have boosted the stakes in US crude oil\nprices to reach their highest level in more than 7 months during the week ending\nDecember 17, according to data released Friday.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices hit new highs to make the biggest monthly gains in nearly a year as expectations emerge in the market that supplies will shrink in the markets. Oil futures rose 1.1% on the New […]<\/a><\/p>\n<\/div>","protected":false},"author":1,"featured_media":1547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[40,4],"tags":[93,84,71,42,36,34,145,114,127,48,24,78,131,41,44,43,72,10,58,57,70,47,86,31,18,80,45,46,109,85,115],"_links":{"self":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1546"}],"collection":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/comments?post=1546"}],"version-history":[{"count":1,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1546\/revisions"}],"predecessor-version":[{"id":1548,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/posts\/1546\/revisions\/1548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media\/1547"}],"wp:attachment":[{"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/media?parent=1546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/categories?post=1546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/skyeconomynews.com\/wp-json\/wp\/v2\/tags?post=1546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}