Today we see crude oil prices continue to grow steadily. The most recent appreciation wave was caused by OPEC member states (plus Russia) officially stating that they will continue sticking to the production cuts they previously agreed on, which will curb supply significantly. The report came amid speculation that some members are eager to bump production levels up and benefit from the higher oil prices.
Moreover, there is a lot of risk associated with the Middle East currently, which is also driving prices upwards. The United States has been pushing Iran beyond mere sanctions, saying they want to see 0 oil exports from that country. There have been a number of suspicious attacks in the past week or two that are speculatively being linked back to Iran. Last night Donald Trump officially threatened Iran over Twitter, saying the US is ready to fight, if they have to.
The Brent crude today reached $73.11, while the WTI brand was up at $63.47 per barrel.
The only offsetting factor for oil prices remains the rising volume of oil reserves in the United States, but right now the risks outweigh that, hence the growth in prices.
