Upward trend in oil prices

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crude oilDemostenes Floros abo.net

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Increasing demand for oil, together with declining US stocks and OPEC exports, is reflected in steadily and continuously rising prices

In September, oil prices significantly increased at around $4/b. In particular, Brent North Sea quality opened at $52.75/b and closed at $56.68/b, while West Texas Intermediate opened at $47.34/b and closed at $51.54/b. At the time of writing, Brent was trading at $56.06/b and WTI at $50/b.

The European/Asian benchmark and the American reference reached their monthly high respectively, on September 25th – quoting at $59.24/b, a record high in the last 26 months – and on September 26th – pricing at $52.40/b, the maximum for the last two years – in the wake of the independence referendum held in the Iraq’s Kurdish region, the result of which clearly showed the will to separate from Baghdad. 


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