Oil Prices Rise for Third Straight Day

12 Oct 2017   Prices

Oil prices have been grinding higher in recent weeks amid signs of strong demand and depleting stockpiles. The U.S. Energy Information Administration on Wednesday raised its forecast for 2017 oil prices by $1 a barrel, reflecting recent increases. “The bulls are in charge for the most part,” said Ric Navy, senior vice president for energy futures at RJ O’Brien & Associates LLC. “There’s an upward slant, but we’re still within a range—we’ll find out where the lines are drawn.” Prices rose amid signs of escalating tensions between Iraq and Iraqi Kurdistan following the Kurdish independence referendum,” Mr. Navy said. Earlier in the day, prices had wavered between gains and losses after the Organization of the Petroleum Exporting Countries reported its collective production shot up by 90,000 barrels a day in September. The increase was driven by higher production in Libya, Nigeria, Iraq and Gabon. But OPEC also revised upward […]

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