Brent Crude Beats 3-year High, Tops $70/barrel

Albeit briefly, Brent crude beat its’ 3-year high, topping $70/barrel for the first time since December 2014. The ticker finished the day around $69.20/barrel, but psychologically the $70 mark is an important level.

Stronger-than-expected demand, as well as economic growth worldwide supported the oil price growth. Tickers have been rallying since June, with approximately 15 percent growth in December 2017 alone (CNBC).

According to CNBC, many experts believe prices may have peaked, and may not grow much further, however passing the $70 threshold is still a milestone.

Stay tuned to The Chemical Company on social media, thechemco.com & our regular email newsletters for updated info on the oil markets, and chemical industry as a whole.

Leave a Reply

Your email address will not be published. Required fields are marked *