By Srinivas Chowdary Sunkara // petrobazaar // 02-01-2018
Crude Price Trend
Both the crude oil futures began the year with strongest record level of above $60 since mid 2015. Social unrest in Iran and strong commitment towards production cuts by producers are the factors driving the oil prices high. Falling global output along with the growing economy offset the restart of forties pipeline and resumption of production in Libya following a pipeline outage. Many of the banks released oil price predictions for 2018 based on the strong pledge towards production cuts and investments flow into production on price encouragement.
WTI and Brent price today
The U.S crude futures WTI is trading at $60.26 after touching day's high of $60.74 a barrel where as Brent oil trading at $66.38 after touching a day's high of $67.8 a barrel. Brent is trading at a premium of $6.12 to WTI at the time of reporting by 22:29 IST.