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What Can Investors Expect from Crude Oil?

PART:
1 2 3 4 5 6
Part 3
What Can Investors Expect from Crude Oil? PART 3 OF 6

Crude Oil Prices near 18-Month High: What’s Next?

Crude oil prices  

March WTI (West Texas Intermediate) crude oil (BNO) (XLE) (XOP) (IEZ) futures contracts rose 0.5% and were trading at $53 per barrel in electronic trade at 1:40 AM EST January 24, 2017. Crude oil prices rose due to the weak dollar. For more on crude oil and the dollar, read Part 1 of this series.

Crude Oil Prices near 18-Month High: What’s Next?

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Crude oil’s lows in the last 12 months 

US WTI crude oil (ERY) (USO) (UCO) (ERX) settled at $26.21 per barrel on February 11, 2016. Crude oil prices hit 13-year lows due to the following:

As of January 23, 2017, crude oil prices rose 101.3% from their 2016 lows. Higher crude oil (IYE) (IXC) (PXI) (FENY) (SCO) prices have a positive impact on producers’ earnings such as Occidental Petroleum (OXY), QEP Resources (QEP), Synergy Resources (SYRG), and ConocoPhillips (COP).

Key bearish drivers for crude oil in 2017   

Crude oil’s highs in the last 12 months   

US WTI crude oil prices settled at $54.1 per barrel on December 28, 2016—the highest since July 14, 2015. As of January 23, 2017, crude oil prices are 3% below their highs.

Key bullish drivers for crude oil 2017   

Reuters poll 

Reuters poll estimated that Brent and US WTI crude oil prices will average $57.01 per barrel and $55.23 per barrel in 2017, respectively. In the last part of this series, we’ll look at some crude oil price forecasts.

In the next part of the series, we’ll look at Cushing crude oil inventories and their impact on crude oil prices.

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