In fact this week, that year we grappling with sub $30 prices and threatening to go lower. That's when OPEC initiated chatter of a production cut around February, before eventually executing it much later in the year on November 30, and bringing 11 other non-OPEC producers, especially the Russians, along for the ride. (Click to enlarge chart)
The uptick in the wake of the ‘historic’ agreement saw crude prices bounce to where they currently are and no further. So taking the 12 months of 2016 as whole, Brent began the year at around $37.28, flirted briefly with sub-$30 prices and ended the year at $56.82; a gain of 52.4% between the first and last full trading Fridays of 2016.
Concurrently, the West Texas Intermediate rose from $37.04 to $53.72; a gain of 45% between the first and last full trading Fridays of 2016. The Oilholic acknowledges that percentages are relative, but would be astonished if 2017 ends in similar gains. That’s all for the moment folks! Keep reading, keep it ‘crude’!
To follow The Oilholic on Twitter click here.
To
follow The Oilholic on Google+ click here.
To
follow The Oilholic on IBTimes UK click here.
To
follow The Oilholic on Forbes click here.
To
email: gaurav.sharma@oilholicssynonymous.com
© Gaurav Sharma 2017. Graph: Oil benchmarks - Friday closes for 2016 © Gaurav Sharma.
