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Oil Price at lowest levels in history... How did this happen?
Crude Oil at 2-Years High, Inventories Ahead. Will Crude Oil Inventories Justify the Increase in Oil Prices?
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Just about 1.5 years ago, Crude Oil prices had sunk to the lowest levels in history, and the global Crude Oil producers have been trying to help the black gold recover since then.
How did it happen?
OPEC, Russia and other oil producers, had agreed to cut production in order to reduce the supply glut.
The positive effect of this deal encouraged the parties to extend the agreement until March 2018.
What is going on now?
Both WTI and Crude Oil are hovering at the highest levels of the last 2 years, and climbed above $55 and $60 per barrel respectively.
The US’s oil rig count continues to drop, and OPEC members will proceed on discussing the future of oil prices until November 30th.
What is next?
On Wednesday, November 8th at 15:30 GMT, the US will release their weekly Crude Oil Inventories.
Investors worldwide are eager to see if the price is actually affected from inventories or not.
What do you think will happen when Crude Oil Inventories are released?
