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.
27 September 2017
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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.
Brent crude futures hit highs of $59.49/bbl on the Intercontinental Exchange the day after the 25 September independence referendum in...
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