What's Affecting Oil Prices This Week (July 16, 2018)?
Brent and WTI both fell last week as supply outages eased and Russia and other producers continued to reiterate that they could provide additional supplies if needed.
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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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Brent and WTI both fell last week as supply outages eased and Russia and other producers continued to reiterate that they could provide additional supplies if needed.
Brent prices were nearly flat, up only 37 cents to average $77.56/bbl. WTI prices saw more support, rising nearly $2 to average $73.71/bbl.
Brent prices rose $2.44/bbl to average $77.19/bbl. WTI prices rose $5.54/bbl to average $71.79/bbl.
In the week since our last edition of What's Affecting Oil Prices, Brent prices fell nearly a dollar to average $74.75/bbl after the OPEC meeting.
Saudi Arabia and Russia have both been lobbying for a change to the production deal, but few nations have come out in favor of an increase.
Brent prices fell $0.27/bbl to average $75.69/bbl while WTI actually saw some recovery, up $0.87/bbl to average $66.21/bbl.
Barring a geopolitical surprise, we expect that Brent will average around $75/bbl this week, with highs seen early in the week before leveling off after the Singapore summit.
In the weeks since our last edition of What’s Affecting Oil Prices, crude prices finally cracked, falling sharply last week.
Brent prices jumped $2.53/bbl after President Trump formally withdrew the U.S. from the JCPOA and reinstated sanctions.
Brent prices averaged $74.03/bbl last week, falling $0.36/bbl as WTI increased $0.24/bbl to average $68.38/bbl.
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