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Oil Hits 10 Month High

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Oil Hits 10 Month High

Today, crude oil spiked to its highest level in more than 10 months, putting it at over $51 a barrel and giving hope for a rejuvenation of the U.S. markets. 

oil spike

The jump can be attributed to the fact that U.S. government data showed crude stockpiles falling last week while output was on the rise for the first time in 3 months.

The commodity hasn’t reached $51 since July 15th, when it rose to $51.41. 

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In the week of June 3, crude inventories fell to a total of 532.5 barrels, a loss of 3.2 million barrels.

Inventories were also down more than expected on Tuesday, an indication of  the unrest in Nigeria, and the weak dollar which is at its lowest level in 5 weeks.

The weak dollar is a result of lowered expectations that the Federal Reserve will raise interest rates.

Very few analysts expect oil prices to increase significantly going forward.

Analysts at Capital Economics predict that oil will go down to $45 a barrel by the end of 2016. 

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