Reuters reported that oil prices edged up on January 10, 2018 to a near two-and-a-half year high after data showed strong demand for crude imports in China and increased US refining activity that drew more crude from inventories.
The current price of WTI crude oil was US$66.15 per barrel. Pipeline outages in Libya and the North Sea seem to be the main culprit this time as OPEC production cuts seemed to be compensated smoothly by an expansion in US shale oil production. In the final analysis, the current market conditions and the near-term outlook for oil reflect the interplay of production, stocks and consumption as the graph below illustrate, but it all points to creeping increases in oil prices. What’s next, US$70 oil in 2018?
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