Oil Prices Set To Rise as Supply-Demand Gap Closes Up

30 Aug 2017   Prices

Oil prices are poised to climb over the coming weeks as supply and demand approach parity, according to analysts who spoke to CNBC as the remnants of Hurricane Harvey continues to ravage Houston, the energy capital of the United States. A rise in oil demand for 2017 made large strides in closing the gap between available crude and the number of willing buyers, sources said. “[Oil prices] should be going up because inventories have been drawing at a phenomenal pace over the past few weeks and months,” Amrita Sen of Energy Aspects said. Both West Texas Intermediate and Brent barrel prices traded down on Tuesday as Tropical Storm Harvey continues to pound the U.S. Gulf coast. The spread between the two benchmarks grew to over $5 – the widest in over two years – not completely due to the inclement weather in Texas. “Harvey has widened the Brent-WTI spread […]

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