What Could Limit Upside for Crude Oil Prices?

Crude oil prices  

April WTI (West Texas Intermediate) crude oil (UCO) (XLE) (USO) futures contracts fell 0.1% and closed at $54.01 per barrel on February 28, 2017. Likewise, the S&P 500 (SPY) (SPX-INDEX) and the Dow Jones Industrial Average fell 0.26% and 0.12%, respectively, on the day.

Crude oil prices’ upside was limited due to:

What Could Limit Upside for Crude Oil Prices?

However, crude oil prices are trading near a 19-month high for the following reasons:

The rollercoaster ride in crude oil prices impacts oil and gas exploration and production companies’ earnings such as Chevron (CVX), Continental Resources (CLR), Carrizo Oil & Gas (CRZO), and PDC Energy (PDCE).

What’s in this series?  

In this series, we’ll look at OPEC’s crude oil production, the API’s crude oil inventories, US crude oil’s (USL) (XOP) (PXI) highs and lows in the last 12 months, Cushing crude oil inventories, the US crude oil rig count, and some crude oil price forecasts.

Let’s look at the US dollar and how it impacts crude oil prices in the next part of this series.