Brent hit US$68.27 last week, the highest since May 2015.
Yet, surging USA production could offset some of the cuts from OPEC producers, as US production rose to 9.78 million barrels a day (MMBPD) in the latest week, according to last Wednesday's report. Reinstating economic sanctions could limit Iran's oil exports.
"The fact that the crude benchmarks are establishing highest levels since spring of 2015 on very little fresh fundamental input continues to suggest a strong market underpinning", said Jim Ritterbusch, president of Ritterbusch & Associates, in a Tuesday note.
Traders and analysts surveyed by The Wall Street Journal expect government data due Wednesday to show crude stockpiles declined on average by 2.5 million barrels in the week ended January 5, which would mark the eighth consecutive week of inventory draws if estimates are accurate.
OPEC officials also think the 2018 rally has been mainly driven by unrest in Iran, rather than a tighter balance between supply and demand, giving rise to concern it may not last.
The growth of North American shale production, which caused an estimated 5 percent increase in USA crude output in 2017, has rocked the oil industry in the past few years, spurring OPEC and other traditional producers to cut output to trim global inventories.
Traders said political tensions in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries, had pushed prices higher. US commercial crude inventories fell by 7.4 million barrels (MMBbl) in the week ended December 29, to 424.46 MMBbl, according to data from the Energy Information Administration.
Then if you want to consider the months of November and December leading up to January we saw 28,000 fewer blood donations . The Red Cross' Danvers facility on Rosewood Drive is open every day for the rest of the month.
Luckily, the Sunwing plane that was being towed by the ground handling service provider at that time had no passenger on board. Two airliners collided on the tarmac of Toronto's Pearson International Airport on Saturday morning, causing a small fire.
Roland apparently texted her friend to say a suspicious man was following her at a Walgreens. "I am buying an iPad". The man followed her in a blue truck all the way home, but then he allegedly drove off when she got out.
The Panama-registered Sanchi tanker is seen ablaze in open waters, after colliding with a Chinese bulk ship, January 7, 2018. Analysts say the region is so risky for ships because of the sheer amount of cargo being transported through its waters.
The president initially said he would be announcing the accolades this Monday, and didn't give a reason for the change. Stephen Colbert also got in on the act, purchasing a billboard in Times Square to make sure he would not get snubbed.
Severe fire warnings were issued for the greater Sydney area and total fire bans were put in place across the city. The hashtag refers to an old sun safety campaign - "Slip on a shirt, slop on sunscreen and slap on a hat".
He was subdued by Amtrak workers and arrested while approximately 175 passengers sat in the dark after the train stopped at 2 a.m. The acquaintance also said Wilson "has expressed an interest in "killing black people" ... especially during the protests in St.
Kraft told the MMQB last weekend that he also expects Belichick to be with New England next season. "I'm juiced. As we know, 49ers general manager swung a deal with Bill Belichick to land Garoppolo for a second-round pick .
There are obvious concerns for the Rams entering this game, beginning with their lack of experience in big games. As a team, the Rams have just 21 postseason games under their belt, which is by far the fewest in the NFC.
Karl Rove joined Dana Perino on "The Daily Briefing" to react to President Trump's apparent break with Steve Bannon . The Washington Times put it more bluntly in a headline: "Are Bannon's Breitbart days numbered?"
Justin Timberlake kicks off tour in Toronto on March 13
Even though Justin Timberlake won't stop in Kansas during his upcoming tour, he will be visiting our neighbors to the south. Timberlake's album is scheduled to be released on February 2, two days before he performs during halftime at Superbowl LII.
Samsung unveils The Wall
It has the ability to transform into various sizes and offers, incredible brightness, color volume, color gamut, and black levels. The advancements include easier sharing and connectivity, simpler controls for the television, and syncing with other devices.
Russia: US exploiting Iran protest to sink nuclear deal
How has Iran's government responded to the economic concerns raised by demonstrators? "The people of Iran are rising up". In her remarks, Ms Haley said the United States would remain steadfastly behind the Iranian protesters.
Major security flaws put virtually all phones & computers at risk
These attacks are able to abuse certain performance features to leak information in violation of fundamental security constraints. Kevin Beaumont, security architect based in the United Kingdom , has been gathering information on such AV compatibility issues.
Juno star Ellen Page has married girlfriend Emma Portner
The Hollywood actress famously came out as gay during a Human Rights Campaign event on Valentine's Day in February 2014. Canadian actress Ellen Page revealed Wednesday on social media that she tied the knot with her partner Emma Portner.
Short Interest in Marathon Oil Co. (MRO) Drops By 12.7%
It fall, as 14 investors sold HALO shares while 44 reduced holdings. 46 funds opened positions while 89 raised stakes. The River & Mercantile Asset Management Llp holds 426,400 shares with $5.78M value, up from 396,400 last quarter.