Oil Prices Bounce Back in Third Quarter

2 Oct 2017   Prices

Demand was a bright spot, following worries that damage from major hurricanes in the southern U.S. would crimp consumption. Above, a refinery in Ohio. Oil investors got a reprieve from falling oil prices in the third quarter, thanks to unexpectedly strong demand for crude and signs of ebbing U.S. production. West Texas Intermediate, the U.S. crude benchmark, ended the quarter 12.2% higher, snapping a two-quarter losing streak and marking the biggest quarterly gain since the second quarter of 2016. U.S. crude futures re-entered a bull market in September and are up nearly 21.5% from the lows in June. A gain of 20% or more signals the start of a bull market. Demand was a bright spot, even amid worries that damage from major hurricanes in the southern U.S. would crimp consumption. The International Energy Agency raised its forecast for demand growth for next year. At the end of March, […]

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