Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

MarketScreener Homepage  >  Commodities  >  WTI       

My previous session
Most popular
News SummaryAll newsTweets

Oil Rises for Fifth Day as Rally Continues

share with twitter share with LinkedIn share with facebook
share via e-mail
01/12/2018 | 10:08pm CEST
By Alison Sider and Sarah McFarlane 

Oil's rally continued to gather steam Friday, with prices rising for a fifth straight day to fresh three-year highs as investors continued to bet on rising demand and tighter supplies.

U.S. crude futures settled up 50 cents, or 0.78%, at $64.30 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 61 cents, or 0.88%, to $69.87 a barrel on ICE Futures Europe.

Prices have climbed more than 50% since June last year, and both benchmarks have posted gains for four straight weeks, propelled by geopolitical tensions, supply disruptions and production cuts by the Organization of the Petroleum Exporting Countries. More recently, prices have been boosted by extremely cold weather in the U.S. and China, along with questions about whether the Trump administration would reinstate some sanctions on Iran.

"Every time it sells off it has a knack for coming back," said Ric Navy, Senior vice president for energy futures at RJ O'Brien & Associates LLC, adding that it is "not out of the question" that U.S. crude prices could hit $70 a barrel soon, with few willing to stand in the way of relentlessly rising prices.

A weaker U.S. dollar has also helped lift oil prices Friday. The ICE Dollar Index sank to its lowest level in more than three years Friday, driven by expectations of monetary-policy tightening. A weaker U.S. currency makes dollar-traded oil less expensive for foreign buyers, and so its price tends to rise as the dollar falls.

"I think the story here is really dollar driven and demand driven," said J. Alexander Blackman, an executive at Standard Delta Co., a commodities-trading and energy firm.

Oil prices had edged lower in earlier trading Friday, after news that the administration extended sanctions relief under the landmark 2015 Iran nuclear pact, keeping the agreement intact for several more months. That eased worries of a supply disruption that had helped push prices higher this week.

Data from China showing a fall in monthly crude imports also weighed on prices in earlier trading.

But the market shook off the bearish data, a sign that the recent rally is likely to keep going, analysts and brokers said.

"For those hoping for an end to the bull market, it's probably a good idea to wait a few days before calling an end to the rally," analysts at TAC Energy said.

Gasoline futures rose 1.25 cents, or 0.68%, to $1.8495 a gallon. Diesel futures rose 0.83 cent, or 0.4%, to $2.0850 a gallon.

Write to Alison Sider at alison.sider@wsj.com and Sarah McFarlane at sarah.mcfarlane@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
US DOLLAR INDEX 0.33% 94.22 End-of-day quote.2.57%
WTI 1.08% 71.47 Delayed Quote.16.77%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on WTI
09/23Oil Producers Signal Confidence in Managing Supply Disruptions -- update
09/23Correction to Oil Producers Signal Confidence in Managing Supply Disruptions
09/23Oil Producers Signal Confidence in Managing Supply Disruptions -- Update
09/23DUKE ENERGY : Initial Tests Show No Harm to River From Sutton Release
09/23Oil Producers Signal Confidence in Managing Supply Disruptions
09/21DUKE ENERGY : Zeroes In on Remaining 26,000 Customers Without Power
09/21Transocean Semisubmersible Rig Gets Equinor Pact
09/21Correction to Oil Price Story
09/21NEWS HIGHLIGHTS : Top Energy News of the Day
09/21DUKE ENERGY : Flood Shuts Down N.C. Power Plant, Sweeps Waste Into River
More news
Chart WTI
Duration : Period :
WTI Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends WTI
Short TermMid-TermLong Term