What's Affecting Oil Prices This Week (June 24, 2019)?
Crude oil got another boost last week. Brent rose $1.35/bbl last week to average $62.92/bbl driven in large part by geopolitical concerns.
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Ashley Petersen is the Lead Oil Market Analyst at Stratas Advisors, a global consulting and analytics provider for all facets of the oil and gas markets and related industries. Ashley has over 5 years’ experience analyzing crude oil markets with an emphasis on Atlantic Basin fundamentals. She is currently the lead oil analyst for Stratas’ Short-Term Price Outlook Service for crude oil, which combines market fundamentals, geopolitics and Stratas’ own economic forecast tools to build an integrated, data-driven outlook on key energy markers over the next eight quarters.
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Crude oil got another boost last week. Brent rose $1.35/bbl last week to average $62.92/bbl driven in large part by geopolitical concerns.
Brent fell $0.19/bbl last week to average $61.57/bbl but with significant intra-week volatility.
Brent to average $61/bbl as prices pause and markets reevaluate economic expectations.
The weekly average Brent price fell $2.11/bbl last week to average $68.21/bbl. WTI fell even more sharply, down $3.80/bbl to average $57.01/bbl.
For the week ahead we expect Brent to be generally range-bound and average closer to $71/bbl on news out of OPEC, concerns about U.S. crude builds, and ongoing trade tensions with China.
The week ahead will be driven by sentiment more than fundamentals, with funds likely to continue unwinding bullish positions.
Brent rose $2.30/bbl last week to average $73.92 last week while WTI rose a slightly slower $1.95/bbl to average $65.78/bbl.
In the week since our last edition of What’s Affecting Oil Prices, Brent rose $0.24/bbl last week to average $71.62/bbl while WTI fell $0.29/bbl last week to average $63.80/bbl.
In the week since our last edition of What’s Affecting Oil Prices, Brent rose $1.68/bbl last week to average $71.16/bbl, almost perfectly in line with our expectations.
In the week since our last edition of What’s Affecting Oil Prices, Brent rose $1.64/bbl last week to average $69.49/bbl, which was above our expectations.
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