Is Oil On Its Way To $US80?
By Tom Kool - Sep 21, 2018, 2:00 PM CDT
Bullish news on both the supply and demand side sent oil prices up again on Friday morning, with Brent falling back after flirting with $80.
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Oil prices gained this week on outages in Iran and data showing demand from the United States in August was the highest since 2007. “Exports are already down quite a bit and will probably continue to fall,” from both Iran and Venezuela, UBS Group AG analyst Giovanni Staunovo told Bloomberg. Meanwhile, strong U.S. demand is “helping the market to stay in a deficit.” In early trading on Friday, Brent was flirting with $80 per barrel.
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