Crude oil prices were trading at a multi-year high today, although there were plenty of warnings that the 13% price increase since the beginning of December may now be dead.
The Brent futures have since climbed 42 cents a barrel to 69.62 USD cents / barrel, the highest price since May 2015. Sentiment is fueled by falling US funding and lower crude oil inventories today by the official Statistics became known.
It is clear that US inventories are at their lowest level since August 2015. In addition, OPEC is getting closer and closer to its goals of reducing daily production to the 5-year average.
Suhail al-Mazrourei, the oil minister of Saudi Arabia, who is also the president of the current OPEC, expects supply and demand to be balanced in 2018. The reason for this is the reduction in daily production quotas in Russia.
Iran and Iraq will cut prices this week to stay competitive on the global market. Fuel stocks in Asia and the US are currently high and are even increasing locally.Sourcing refineries in Singapore have fallen below $ 6 / barrel. This is the lowest level in five years.
The price increases on the futures exchanges show signs of fatigue, it could soon come to a correction, my traders in Asia and the Pacific.
Text: HANSA Derivatives Trading GmbH / 
