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Iran and Russia Impact Crude Oil Prices

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Crude oil prices 

March WTI (West Texas Intermediate) crude oil (XLE) (USL) (USO) (UCO) futures contracts rose 0.5% and closed at $53.83 per barrel on February 3, 2017. Brent crude oil futures contracts rose 0.4% and closed at $56.8 per barrel. The US stock market (SPY) also rose 0.69% on February 3, 2017. For more updates on crude oil prices, read Part 4 of this series.

Crude oil prices rose due to the following:

Higher crude oil prices have a positive impact on oil and gas exploration and production companies’ earnings such as Noble Energy (NBL), Denbury Resources (DNR), Chevron (CVX), Stone Energy (SGY), and Cobalt International Energy (CIE).

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What’s in this series?  

In this series, we’ll look at the energy calendar, US crude oil (XOP) (XLE) (IEZ) (ERX) highs and lows in the last 12 months, Cushing crude oil inventories, the US crude oil rig count, Iran’s crude oil production, and some crude oil price forecasts.

Let’s look at the US dollar and its impact on crude oil prices in the next part of this series.

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