Rise in Oil Price Noted as Speculations Signal at Slowing of US Oil supply, with OPEC Following
The oil boom that caused the prices to fall severely may just be ending as speculations say that there may be a sluggish growth in production. This caused the oil prices to reach its one-week high.
The oil futures spiked about 0.9 percent in New York which is the longest increasing strip noted in the last three weeks.
On Monday, data from the US Energy Information Administration revealed that the shale boom which gave a heightened production to oil may be approaching its end now.
Rigs that are targeting oil dropped to its lowest level since 2010 in the previous week. Oil prices also got some leverage due to the weakened US dollar first time n the past four days which boosted the demand of commodities.
Speculations are also hinting at a split among the members of OPEC countries with Saudi Arabia in regard to the issue of maintaining the level of supply, which was also a factor that caused the drop in oil prices by nearly half in
All coupled together could ease the oil glut globally. The refiners, which are resuming production after the seasonal maintenance is expected to process a record quantity of crude oil, this year as the stored amount of oil is huge.
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