Crude Oil Price Hits $70 P/B Despite Surging US Output | WHAT REALLY HAPPENED


Crude Oil Price Hits $70 P/B Despite Surging US Output

Crude oil price hits $70 per barrel Monday despite surging production by the United States, which is offset by the production cuts led by the Organisation of Petroleum Exporting Countries (OPEC) and Russia.
The international benchmark Brent crude futures rose above $70 per barrel earlier in the session before trading at $69.69 per barrel.

The United States West Texas Intermediate (WTI) crude futures were at $64.22 per barrel but Reuters reported that trading was relatively slow due to a national holiday in the United States.
After falling from an all-time high of $147 per barrel in July 2008, Brent crude price had hit a peak of $115 per barrel in June 2014 before the excess inventory in the oil market forced the price down to $27 per barrel in February 2016.

WTI also reached a peak of $105 per barrel in June 2014 before the sharp drop in oil prices.
However, a production-cutting pact between the OPEC, Russia and other producers has given a strong tailwind to oil prices, with both benchmarks hitting levels not seen since December 2014.
OPEC, together with Russia and a group of other producers, last November extended an output-cutting deal to cover all of 2018.

The cartel had at their November 30, 2017 meeting agreed to extend oil output cuts until the end of 2018>>>

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