Oil Maintains Rally, US WTI Pushes Over $50

摘要

Brent ended its September contract with a sixth straight day of gains on Monday and the market’s positive outlook pushed US oil over $50 for the first time since May 24. The price rally, inspired by falling US commercial petroleum inventories and Saudi Arabia’s pledge to cut exports in August, is flattening the forward curve and making the market feel tight (IOD Jul.27’17). Analysts point out that a weakening US dollar provides price support for oil and that additional US sanctions against Iran and Venezuela, and also Russia, help solidify a more positive market sentiment.