Oil Prices Recorded The Highest Level In 2016
SINGAPORE – Oil Prices Recorded The Highest Level In 2016; Oil prices jumped Friday to a new level is the highest in 2016 with support from the U.S dollar’s decline and shrinking production in the United States despite the fact that the Middle East increased production looming curbed gains.
And it has been trading futures for Brent at $48.30 a barrel by 0644 GMT, up 16 cents from the last closing price of the futures while US crude rose 24 cents to $46.27 a barrel, the highest levels for decades already allocated this year.
He said the investment bank Jefferies on Friday, “enter the market in better balance and we are still on our view that the current glut in supply will turn into a supply shortage in the second half.”
But Deutsche Bank said that the potential increase in the production of members of the Organization of Petroleum Exporting Countries (OPEC) due to the large increase in Iran’s production and after interruptions (in some supplies) in Iraq, Nigeria and the United Arab Emirates may curb the rise that has been achieved recently in crude prices. “