Brent Crude Oil Acquisition Price Almost Touches Highest Price in 2015

By : Abraham Sihombing And Aldo Bella Putra | Wednesday, November 01 2017 - 16:00 IWST

Kialng minyak Balikpapan. (Foto: IST)
Kialng minyak Balikpapan. (Foto: IST)

INDUSTRY.co.id - Singapore - Brent crude oil prices rose 22 cents, or 0.36%, to $ 61.16 a barrel in electronic trading on Wednesday (01/11/2017) in Asian markets compared with previous trading sessions.

Brent crude oil prices are close to the highest position of US $ 61.41 per barrel ever achieved in the previous two years, precisely in 2015.

Reuters in Singapore on Wednesday (11/1/2017) reported, Brent oil prices jumped 38% compared with the position of its lowest price in 2017 at the position of US $ 44.32 per barrel in June.

The rise in Brent oil prices was buoyed by OPEC's move to improve its compliance with a deal to reduce the supply to the market as it promised. Russia is also involved in keeping the OPEC deal.

Meanwhile, West Texas Intermediate (WTI) crude oil prices rose 27 cents, or 0.5 percent, to $ 54.65 a barrel, as well as near February highs. WTI soared 30% since hitting 2017 lows in June at US $ 42.04 per barrel.

The rise in crude oil prices was bolstered by efforts by organizations of the oil-exporting countries (OPEC) and Russia that will continue to cut production by around 1.8 million barrels per day (bpd) to tighten supply to markets that will eventually drive up global crude oil prices.

OPEC production in October fell 80,000 bpd to 32.78 million bpd. That shows 92% of OPEC's compliance rate with the pledge of reduced supply to the world oil market. Russia is also adherent to cut production by 300,000 bpd to 11,247 million bpd.

According to data from global oil market trading, oil supply to the world market tightened in the fourth quarter of this year. It encourages increased use of fuel reserves.

Factors that disrupt global supplies are the battle in Iraq and the sand storms that the United States is experiencing. As a result, supply to the global oil market is tightening and the condition is expected to last until 2018. (Abraham Sihombing)

News Comment

Today's Industry

Oleg Mogilevsky - Product Marketing Manager at Check Point Software Technologies (Photo by Linkedin)

Selasa, 10 November 2020 - 11:00 WIB

Five Reasons to Reevaluate Your Endpoint Protection

With the new emerging threats caused by remote working standards, security professionals need to reevaluate their approach to protecting endpoints. In order to do so, it’s vital that organisations…

Darrell Adams, Head of Southeast Asia & Oceania, Universal Robots (Photo by LinkedIn)

Selasa, 10 November 2020 - 10:30 WIB

Collaborative Robots Open New Horizons in Quality Control Processes

Collaborative robots (cobots) offer suitable solutions to manufacturers. Hence, cobot-based quality control and inspection systems that can transition between different end products in very…

Ilustration Hackers (Photo by Microwire.info)

Jumat, 30 Oktober 2020 - 11:20 WIB

Organisations Paid Hackers US$23.5 Million for These 10 Vulnerabilities in One Year

HackerOne report reveals cross-site scripting, improper access control, and information disclosure top list of most common and impactful vulnerabilities.

Clean Earth Technologies (CET)

Jumat, 30 Oktober 2020 - 10:30 WIB

Clean Earth Technologies’ New Class Of Polymers Invented By Associate Professor, Justin Chalker, Receives Australian Pm’s New Innovator Award

Associate Professor Justin Chalker has invented a novel class of polymers synthesised directly from elemental sulphur which is a waste by-product of the petrochemical industry and renewable…

Adi Ikan - Network Research & Protection Group Manager, at Check Point Software Technologies (Photo by Linkedin)

Jumat, 30 Oktober 2020 - 10:05 WIB

Measuring the Global Impact of the NSA’s Top 25 Vulnerabilities Being Exploited In the Wild

NSA’s list of top vulnerabilities were used to launch 3 million attacks in 2020, with 2.5 million of those attacks occurring in the last 6 months.