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6 May 2015
Oil price rally continues – Varengold
FXStreet (Barcelona) - The Varengold Bank Research Team, mention that crude prices have rallied 50% over the last 3months after the sell-off, mostly on the notion that the supply glut was easing.
Key Quotes
“Oil prices hit their highest for the year on Tuesday, aided by a disruption in Libyan crude exports, higher selling prices for Saudi oil and a weaker dollar that tends to inflate commodity prices.”
“Since April's price rally of between 20 and 25 percent, oil bulls have been pushing the market up on the notion that a supply glut was easing from tightening world production despite continuous builds in U.S. crude stockpiles. U.S. crude settled up $1.47 at $60.40 a barrel, after hitting a 2015 high of $61.10.”
“Crude prices have risen 50 percent in just over three months, after the June-to-January selloff hammered the market down to around $40 a barrel from last summer's highs above $100.”
“OPEC meets next month to discuss production policy. Analysts see little chance it will restrain output as members battle for market share.”
Key Quotes
“Oil prices hit their highest for the year on Tuesday, aided by a disruption in Libyan crude exports, higher selling prices for Saudi oil and a weaker dollar that tends to inflate commodity prices.”
“Since April's price rally of between 20 and 25 percent, oil bulls have been pushing the market up on the notion that a supply glut was easing from tightening world production despite continuous builds in U.S. crude stockpiles. U.S. crude settled up $1.47 at $60.40 a barrel, after hitting a 2015 high of $61.10.”
“Crude prices have risen 50 percent in just over three months, after the June-to-January selloff hammered the market down to around $40 a barrel from last summer's highs above $100.”
“OPEC meets next month to discuss production policy. Analysts see little chance it will restrain output as members battle for market share.”