Oil prices made another gain, going on four consecutive months now, with Brent crude oil pricing breaking $60.00 for the first time since 2015.
The gains are caused by a variety of factors, but the recent main driver is talks from Russia’s Putin and Saudi’s Crown Prince Mohammed, who have both made statements supporting another extension of production cuts through the end of 2018. Prices of oil shot up with Brent at $60 and WTI close to $55, as global inventories are falling, bringing back worries of possible undersupply problems.
The Energy Information Administration (EIA) also released their Weekly Petroleum Data for the Week Ending October 27, 2017, which showed a draw in crude oil inventories of 2.4 millions barrels.
Other statistics from the summary included gasoline stockpiles falling by 4 million barrels, and refineries that processed 16million bpd producing 10.2million bpd of gasoline.
To read the EIA’s weekly summary click here