Demostenes Floros | aboutenergy.com
There have been many bullish factors in recent months. Following the OPEC/non-OPEC agreement, the positive trend has been driven by the weakness of the American dollar, the fall in U.S. stocks and the suspension of several supply sources due to the closing down of a number of oil wells
In December, oil prices rose in the wake of the extension of the OPEC/non-OPEC deal, which increased the compliance with the output cuts to 115% in November, bringing the 2017 average compliance to 91%. In particular, Brent North Sea quality opened the negotiations pricing at $63.70/b and closed at $66.62/b – that is a record high since May 2015 – while West Texas Intermediate opened at $58.36/b, closing at $60.25/b – the highest level since June 2015. At the time of writing, Brent was quoting $67.98/b and WTI $61.92/b.