Upward trend in oil prices

crude oilDemostenes Floros abo.net

Versione in italiano

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.