US CRUDE OIL PRICE, NEWS AND ANALYSIS:
- The US crude oil price is pausing for breath after its strong advance ahead of US sanctions on Iran, which take effect on November 4.
- With US inventories rising, some of the concerns about a shortage of crude are receding.
CRUDE OIL PRICE ANALYSIS
The price of US crude oil has increased sharply ahead of US sanctions on Iran and on concerns about Venezuelan output but further strong gains in the immediate future seem unlikely. The price has already climbed to its highest since November 2014 as Iranian supplies seem to be falling ahead of the sanctions and other producers have failed to fill the gap but the latest US inventory data suggest that the advance may stall near-term.
US CRUDE OIL PRICE CHART, HOURLY TIMEFRAME (SEPTEMBER 12 – OCTOBER 3, 2018)
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