LONDON: It has taken 500 days and the sacrifice
of almost a billion barrels in lost oil output for the global crude market to
eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight
Saudi Arabia's desired level of $80 a barrel. Brent crude futures reached an
intraday high of $80.18 on Thursday, breaching the $80 a barrel level for the
first time since November 2014.
A vast overhang of unwanted crude stocks has now vanished, investors are buying into the oil price rally more than at any time in the last four years and market watchers are beginning to talk again about oil prices returning to $100 per barrel and more.
A vast overhang of unwanted crude stocks has now vanished, investors are buying into the oil price rally more than at any time in the last four years and market watchers are beginning to talk again about oil prices returning to $100 per barrel and more.
To Read Full Story CLICK HERE ( https://www.ndtv.com )
No comments:
Post a Comment