Oil Prices Surge Over 100% from 2016 Lows

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05/01/2018 13:36 WIB

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Global Crude Oil Price Movement (February 2, 2016 – January 4, 2018)

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Oil Prices Surge Over 100% from 2016 Lows

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Global Crude Oil Price Movement (February 2, 2016 – January 4, 2018)

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Global oil-producing countries' production cuts, coupled with rising demand, pushed crude oil prices higher in early 2018, reaching their highest level since 2014. Falling US oil reserves also contributed to the rise in global crude oil prices. Both Brent and West Texas Intermediate (WTI) crude oil prices increased by more than 100 percent from their lowest levels in early 2016.

According to Bloomberg data, the Brent crude oil price for the one-month-ahead contract closed at US$68.07 per barrel on January 4, 2018. This was the highest level since December 6, 2014. The Brent crude oil price had risen by more than 126 percent from its lowest level of US$30.06 per barrel on February 11, 2016.

The WTI crude oil price for the one-month-ahead contract closed at US$62.01 per barrel on January 4, 2018. This was also the highest level since December 9, 2014. The WTI crude oil price had risen by more than 136 percent from its lowest level of US$26.21 per barrel on February 11, 2016.

(Read Databoks: The Sensitivity of Oil Price Increases to the 2018 State Budget)

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."