Oil price rally continues, hitting 2016 high

Offshore staff

LONDON – After yesterday’s oil price rally, a Reuters report said that crude has extended its surge and hit above $42/bbl today. This marks the highest price point so far this year, upon news of a likely production freeze, dollar weakness, and major fiscal news in the UK and US.

The news organization said that Brent crude front-month contract touched a 2016 high at $42.40/bbl today, and is now at $42.31/bbl. US crude, WTI, rose as high as $41.13 before settling at $41.04/bbl. The benchmark had jumped by 4.5% to close the previous session at $40.20.

Yesterday, March 18, the NASDAQ showed Brent at $40.33/bbl, and WTI just shy of $40 at $39.41. Days ago, the US benchmark dipped as low as $36/bbl, with its European counterpart trading at $38.

Prices have recovered considerably throughout the month of March, with oil reaching its highest level in three month. Further recovery was prompted by a report from the International Energy Agency that pointed to indicators that the market had reached its bottom.

03/18/2016

Share your news with Offshore at news@offshore-mag.com

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...