Why Oil Can’t Pull Higher In The Near Term

28 Jan 2017   Prices

Oil prices are falling on Friday in volatile trading session after having see-sawed on the usual headlines regarding OPEC compliance and U.S. production figures (Click to enlarge) Friday, January 27, 2017 Oil prices are set to close out the week slightly up after a bumpy ride, seesawing on the usual headlines regarding OPEC compliance and U.S. production figures, plus some influence from currency movements. Not much has changed in the market over the past week regarding fundamentals, although another week of EIA data continues to indicate rising activity in the U.S. shale patch, with production figures, crude stocks and gasoline stocks all on the rise. Oil production in the U.S., at least according to weekly surveys, is now just slightly below the 9 million barrel per day mark, a level that it has not hit since March of last year. Trump’s border tax? President Trump sent confusing signals on […]

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