Crude Posts Weekly Gain After Bullish Run-Up to $70 a Barrel

13 Jan 2018   Prices

WTI up 4.7% this week even as U.S. oil rig count rises by 10 Brent, WTI closed with biggest weekly gains since October Crude ended the week with a gain after breaching a key $70 threshold and rallying for five straight days. Futures rose in New York and London, with both benchmarks closing out the biggest weekly gains since October. This week, investors saw $70 Brent crude for the first time since 2014 and a steady run of diminishing U.S. crude stockpiles amid healthy demand. Yet doubts linger that a strong price rally above that key level will persist with expanding U.S. output and a rising rig count. “OPEC’s still doing good on their compliance and consumption is growing. They are getting the inventory drops they have been looking for,” James Williams, president of London, Arkansas-based energy researcher WTRG Economics, said by telephone. Yet, “the price is getting good […]

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