What's Affecting Oil Price
Brent prices fell $0.27/bbl to average $75.69/bbl while WTI actually saw some recovery, up $0.87/bbl to average $66.21/bbl.
Barring a geopolitical surprise, we expect that Brent will average around $75/bbl this week, with highs seen early in the week before leveling off after the Singapore summit.
In the weeks since our last edition of What’s Affecting Oil Prices, crude prices finally cracked, falling sharply last week.
Brent prices jumped $2.53/bbl after President Trump formally withdrew the U.S. from the JCPOA and reinstated sanctions.
Brent prices averaged $74.03/bbl last week, falling $0.36/bbl as WTI increased $0.24/bbl to average $68.38/bbl.
Brent prices averaged $74.39/bbl last week, rising $1.53/bbl from the week before.
Given the lack of a fundamental basis and the rapid speed of the price rise, Stratas Advisors says the risk of a sharp price correction is rising.
Brent prices averaged $71.27/bbl last week, up $3.43/bbl from the week before.
Brent prices averaged $67.83/bbl last week, down $2.17/bbl from the week before.
Brent prices averaged $70.01/bbl last week, up $1.55/bbl from the week before.