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The Feast of Tabernacles-Day 5

NO END IN SIGHT FOR SURGING OIL PRICES AS EXPECTATIONS OF $100 A BARREL RISE

image from encrypted-tbn0.gstatic.comThe global and U.S. benchmarks for the price of oil are up more than 20 percent in 2018, stoking talk that the price of oil could hit $100 a barrel for the first time since 2015, The Wall Street Journal reported.

Brent crude, the global benchmark, has risen for five straight quarters after hitting $82.72 at the end of 2018’s third quarter. West Texas Intermediate (WTI), the U.S. benchmark, slipped slightly — 1.2 percent — from a multiyear high to $73.25 last quarter. Brent has increased 24 percent and WTI has risen 21 percent in 2018. (RELATED: Gas Prices Are Still At Four-Year High Heading Into Midterm Elections)

Oil prices have been pushed upward by production cuts by the international oil cartel OPEC, U.S. sanctions on Iran that will fall on Nov. 4 and a troubled Venezuelan oil industry.

“When you have a geopolitical risk backdrop like this, it just fuels bullish market sentiment,” Barclays head of energy commodities research Michael Cohen told WSJ. “The fundamentals of the market are tightening before some had expected.”   READ MORE

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