Petroleum Holds $60 Mark Amidst Middle East Chaos

By | January 2, 2018

Petroleum costs were flat Tuesday morning in the middle of mounting discontent in the Middle East, where ISIS is once again taking the battle to authorities in Iraq.

Political turmoil in Iran and recent supply interruptions in Libya have raised concerns about the region.

U.S. crude oil stocks have actually falled dramatically four weeks in a row, suggesting that robust demand and lessened production could soon re-balance the worldwide oil markets.

Still, the EIA says that by the end of 2018, the U.S. is most likely to bypass the top producer Russia.

WTI light sweet oil was down 10 cents at $60.11 a barrel.

The material has been provided by InstaForex Company – www.instaforex.com

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