Global Markets

Oil prices strengthen as market rebalances

Turkey’s threat to Kurdish oil flows sent crude up to near $60/bbl this week, and tightening fundamentals could drive prices up even higher Turkey’s threat to Kurdish oil flows sent crude up to near $60/bbl this week, and tightening fundamentals could drive prices up even higher.
By Peter Stewart 27 September 2017 0 27743
The Baku-Tbilisi-Ceyhan pipeline enters Turkey in the northeast. (Statoil)

Crude oil futures prices hit highs of close to $60 per barrel this week, breaking out of the $45-55/bbl band they have been trading in for most of the past two years. The gains were triggered by Turkey’s threat to cut off Kurdish oil flows to the Mediterranean, but tightening fundamentals could drive prices even higher as winter demand kicks in in the northern hemisphere.  

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