Oil’s September Surge Propels Bull Market Run on Demand Optimism

30 Sep 2017   Prices

IEA, OPEC this month boosted global consumption forecasts Turkey threatens Kurdish exports after independence vote Oil posted its biggest quarterly gain in more than a year on forecasts for rising demand and Turkey’s threat to halt Kurdish crude exports. Futures jumped 9.4 percent in September and settled above $50 a barrel on Friday for the eighth straight session. OPEC and the International Energy Agency this month boosted demand forecasts , signaling the surplus that has weighed on prices may shrink further. Iraq said Thursday that Turkey agreed to deal exclusively with the central government in Baghdad over exports of Kurdish crude , a step that could disrupt supplies. “We’re playing a little bit of catch up,” said Bill O’Grady, chief market strategist at Confluence Investment Management LLC in St. Louis. “World economic growth is actually pretty good, so that’s raising hopes for demand.” Oil this week returned to a […]

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