Oil drops from 3-year high
Oil moved away from a 3-year high on Thursday, on signs that the 13 percent rise in crude since early December may have come to an end, but prices have received some support from a sudden drop in production and US crude inventories.
Prices got more support last night from the US, where crude stocks fell about 5 million barrels in the week ended January 5 to 419.5 million barrels.
Slightly below the 5-year average of just over 420 million barrels.
The US Energy Information Administration said US oil production fell 290,000 barrels per day to 9.5 million bpd, dampening expectations that production would exceed the 10 million bpd barrier.
Nice post, thanks.
But I think that due to price action barrel will drop sub 60$ for a bit.
Katie Stockton of BTIG was just on CNBC and she says oil will be about $70.00 for the year of 2018.
In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.