US crude rises 20 cents, settling at $74.14, after topping $75 for first time since 2014

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US crude rises 20 cents, settling at $74.14, after topping $75 for first time since 2014 KentBrockman ## Reporter 07/03/18 (Tue) 19:45:56 No.183760

Oil prices steadied on Tuesday afternoon, following a volatile session that saw U.S. crude top $75 a barrel for the first time since November 2014 before falling sharply and suddenly in mid-morning trading.

The American benchmark broke through the threshold as the market grew increasingly concerned about a shortage of oil amid supply disruptions in Libya and Canada and as tough U.S. sanctions on Iran loom.

"You're starting to hear talk of oil shock. There is little confidence in the market that we're going to escape an ever-tightening supply and demand balance now," said John Kilduff, founding partner at energy hedge fund Again Capital.

U.S. West Texas Intermediate crude rose to a session peak of $75.27 a barrel, the highest level since Nov. 25, 2014, and then tumbled to a low of $72.73. The contract ended Tuesday's session up 20 cents higher at $74.14.

Benchmark Brent crude oil was up 46 cents at $77.76, after topping out at $78.55 by 2:29 p.m. ET.

more here:

https://www.cnbc.com/2018/07/03/oil-libya-declares-force-majeure-on-supplies-demand-slowdown-looms.html

Anonymous 07/03/18 (Tue) 20:48:36 No.183769

Jumped up to $3.10 a gallon here.

Not sure why, seeing as how my gas station hasn't had their delivery yet. And won't until next week.

Fucking hate the way this shit is run.

Anonymous 07/03/18 (Tue) 23:12:05 No.183801

>>183760

>US crude rises 20 cents, settling at $74.14, after topping $75 for first time since 2014

And somehow, gas prices are the same as when oil was $90+ a barrel back in 2007, when oil companies were posting record profits.

Weird how that works.

Anonymous 07/04/18 (Wed) 05:20:35 No.183911

middle easterners really are just oil ticks.

Anonymous 07/04/18 (Wed) 10:40:51 No.183952

The cartels seem to have forgotten USA is ready to bust open the tap the second oil goes up high enough. They have kept oil low and in high production to try and wait out and put out of business the USA shale companies so it was not profitable for the USA shale companies to do so. If they forgot They are in for a big surprise.