The past few weeks have brought much good news for traders interested in crude oil. With lowering oil reserves in the United States and chaos in the Middle East due to the chemical attack in Syria, followed by a joint strike carried out by the United States, United Kingdom, and France, the price of oil has risen.
Today oil hit new highs unseen in three and a half years. The Brent crude reached $74.02 per barrel, while the WTI brand was up to $68.95. These highs were last seen in November and December of 2014, respectively.
OPEC is rejoicing now, seeing that their policy to cut down production is working out and prices are increasing. The member states plan to stay on course with their agreement and allow prices to stabilize further.
Nevertheless, analysts expect that the current highs won’t hold for long, as tensions in Syria would inevitably relax. The United States announced that they are not going to impose sanctions on Russia, so things are already beginning to calm down.
