WTI Crude Oil Price Hits 60 bbl, Highest Since Mid

WTI Crude Oil Price Hits 60 bbl, Highest Since Mid

It was the first time since January 2014 that the two crude oil benchmarks opened the year above $60 U.S. per barrel.

In a research note published late Monday, Goldman lifted its Brent price forecast for next year to $62 a barrel and its WTI projection to $57.50 a barrel.

It was the first time since January 2014 that the two crude oil benchmarks opened the year above $60 per barrel, buoyed by large anti-government rallies in Iran and ongoing supply cuts led by OPEC and Russian Federation.

United States output is up nearly 16 percent since mid-2016, but still shy of the 10-M BPD most analysts had expected by year's end, which would trail only Top exporter Saudi Arabia and Top producer Russian Federation.

Lipow said he expected USA crude prices to creep up to around $63 a barrel by the end of next year, while Brent would remain around $67 a barrel as US oil exports rise to record levels. The US benchmark, West Texas Intermediate (WTI), was up 0.35 per cent at $60.63 at the time of writing after hitting a June 2015 high of $60.73 earlier.

Monthly EIA data released on Friday showed US crude production hit a 46-year high in October, but the country's oil exports and demand also rose.

LG to unveil 88-inch 8K OLED display at CES 2018
Even if you were to pick up LG's enormous display for a not-so-insignificant price, you'll be upscaling 4K content at best. LCD will need a stronger backlight to achieve this, and therefore will increase costs and power consumption, it added.

"The resolution of the North Sea pipeline issue is having the expected result that the Brent-WTI spread is narrowing today", David Thompson, executive vice-president at Powerhouse, an energy-specialized commodities broker in Washington.

The Russia-led non-OPEC producers and OPEC agreed at the end of November to extend their production cut pact to the end of 2018, in their efforts to continue drawing down the global oil overhang. Iranian oil industry and shipping sources said protests have had no impact so far on oil production or exports.

Oil markets have been supported by a year of production cuts and strong demand from China.

A possible rise in United States oil production may pose a threat to higher oil prices.

However, rising USA production, which is on the verge of breaking through 10 million bpd, is somewhat hampering the outlook into 2018.

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