Oil rises to mid-2015 high in strongest year opening since 2014
Oil prices had their highest January opening since 2014 with Brent and WTI crude prices rising to mid-2015 highs, supported by ongoing supply cuts led by OPEC and Russia as well as strong demand. More fundamentally, oil markets have been supported by a year of production cuts led by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) and Russia. The cuts started in January 2017 and are scheduled to cover all of 2018.Strong demand growth, especially from China, has also been supporting crude. U.S. commercial crude oil inventories have fallen by almost 20 percent from their historic highs last March, to 431.9 million barrels. Only rising U.S. production, which is on the verge of breaking through 10 million bpd, is somewhat hampering the outlook into 2018.
Source: Investing
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