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Oil price hits $71 per barrel for first time since 2014

Falling oil inventories, weaker US dollar add upward pressure

The oil price has risen above $71 per barrel for the first time since 2014, as falling US oil inventories and a weaker US dollar push the price of the valuable commodity higher.

4 weeks ago
  • Forties pipeline repair could take weeks

    The oil price topped $65 per barrel Tuesday, a price not achieved since 2015, on news a major North Sea pipeline would be shutdown for ‘a matter of weeks’. The news exacerbates growing output concerns on geopolitical tensions and pushed the price of Brent Crude and US WI oil higher.

    December 2017
  • Geopolitical concerns support

    The oil price turned positive in early Monday afternoon trading, reversing an earlier fall. Oil production related news was mixed, with likely rising US production countering geopolitically-output related news elsewhere.

    December 2017
  • Oil price rise comes despite higher US output

    The oil price is rising again Friday and looks likely to end the week little changed from where it began, despite earlier price falls. Renewed support has come in the form of higher Chinese oil imports data and the threat of a strike by one Nigeria’s main oil worker unions.

    December 2017
  • US oil inventories fall

    The oil price is edging higher Thursday, as investors shrug off news that US oil production rose last month. Meanwhile, news that oil stocks fell, helped push prices higher.

    December 2017
  • Investors keep close watch on oil output details

    The oil price fell Tuesday, on news the US’ oil output capacity rose again last week. That news comes just days after OPEC and some non-OPEC members, confirmed their decision to extend the current output cap until the end of 2018

    December 2017
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