Oil Price Prediction

It seems that oil market participants are still concentrating on demand and trade war instead of oil supply! According to Reuters, 51 market economists and analysts predicted that Brent crude (LCOc1) would average 65.01$ a barrel in 2019 which is 4% lower than previous month (67.4$). Demand also reformed from 1.4 million barrels to 1.3…

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US Oil Wells Reduced but the Oil Output Strengthened!

Last week the whole number of #oil_wells in #US had decreased from 770 to 754 which is the lowest level in 18 previous months. Normally, by reduction of #oil wells, a fall in US #oil_production should be seen. Unlike the forecasts, we see a growth in efficiency of #US_oil_wells from 600 #oil_barrels per day to…

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