Posted 1 year ago
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WTI has moved up further to $47.02 while Brent is at $49.75. The $50 mark for WTI is looking more and more likely. I guess if the OPEC does decide to limit production then prices could move upwards very quickly. The markets are just responding to that possibility.
Further, with two consecutive months of good employment data, there is strong belief that the US economy is doing reasonably well. Due to this, many people are suggesting that Feds may hike rates soon. Now, if the US economy is doing well, then demand from the US for crude may also go up. That expectation may also have a role in driving up crude prices.