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LequteMan
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On Thursday oil prices hit a high of $80 per barrel. It's the highest price since December, 2014.
The price went up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken.
“The Saudi’s and Russians continue to work together to talk the oil market higher and last night, the countries’ two oil ministers said they were working together on other longer-term projects as well,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
“That, and the USD fall, along with another inventory draw combined to drive (crude) up,” he added.
The price went up after U.S. crude inventories posted a 10th straight week of declines and as the dollar continued to weaken.
“The Saudi’s and Russians continue to work together to talk the oil market higher and last night, the countries’ two oil ministers said they were working together on other longer-term projects as well,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
“That, and the USD fall, along with another inventory draw combined to drive (crude) up,” he added.
