Oil prices today (Tuesday, Sept. 19) are trading above $50 a barrel, which puts oil on track for its highest closing price since July. And we predict oil prices will head even higher before the end of the year, too…
WTI crude oil prices are trading at $50.26 a barrel today and are up 3.5% since just last week, when they opened at $48.23 on Thursday.
Oil prices continue to rebound after Hurricanes Harvey and Irma wiped out demand across the southeast United States. The destruction of pipelines, refineries, and commerce across Florida and the Gulf Coast region meant oil pumped out of the ground was being stored instead of used. That boosted supplies and lowered prices. Commercial crude supplies rose 2.2% between the weeks of Aug. 25 and Sept. 8.
Oil prices fell 4% between Aug. 25 and Aug. 30 as Hurricane Harvey made landfall in Texas, and they fell 3.2% between Sept. 7 and Sept. 12 as Irma barreled through the Caribbean and Florida.
Oil prices have struggled to stay above the $50 a barrel mark this year, despite OPEC renewing its oil production cut in May.
But our oil price forecast shows oil prices will continue to rise in 2017, and one important oil price indicator shows it’s about to happen soon…
This post was published at Wall Street Examiner by Dustin Parrett ‘ September 19, 2017.
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