9 C
New York
Monday, October 18, 2021

Oil Rally Boosts Hopes That Energy Sector is Turning Corner

Oil Rally Boosts Hopes That Energy Sector is Turning Corner

Investing.com – Oil’s recent rally above $60 a barrel continued on Wednesday with climbing to its highest level since mid-2015, adding to hopes that the energy industry is finally turning a corner after a three-year downturn.
A recovery in oil prices has been underway since July as demand outstripped supply, reducing global inventories.
Brent crude, the international benchmark for oil prices, rose above $60 a barrel to a more than two-year high last week.
Efforts by OPEC and Russia to hold back about 1.8 million barrels per day in oil production have helped to tighten the market in the second half of the year.
The rally in oil has boosted the share prices of energy companies, who were hard hit by the steep drop in prices since 2014, when oil was trading above $100 a barrel.
The Euro Stoxx Oil and Gas index has rallied 14% since late August and the bullish price performance for the sector has strengthened during the past week.
Traders expect that major oil producers will continue to curb oil output throughout 2018, easing fears that increased output from certain countries could flood the market just as the global supply glut is shrinking.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -

Latest Articles

Popular Articles