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US Crude Oil Price Hits 3½-Year High, More Gains Expected

US Crude Oil Price Hits 3½-Year High, More Gains Expected

Martin Essex, MSTA, Analyst

US crude oil price news and analysis:

- The US crude oil price continues to surge and a further advance seems likely, perhaps after a short period of consolidation.

- Lower inventories and developments in Canada, Libya and Iran are all pushing prices upwards.

Check out the IG Client Sentiment data to help you trade profitably.

Further gains likely for US crude oil

The price of US crude oil has reached levels not seen since November 2014 and a further advance is now on the cards, perhaps after a few sessions to catch its breath.

Data from the US Department of Energy, released Wednesday, showed that crude oil inventories dropped by 9.891 million barrels in the week to June 22, more than three times the draw predicted by analysts.

Moreover, speculation is increasing that at least some US allies will agree to a White House demand to halt oil imports from Iran by November. In Canada, supplies are being disrupted by a power outage and in Libya there are concerns that a political power struggle will disrupt supplies from there too.

The result has been a climb in the price of US crude to more than $72 per barrel and, as the chart below shows, a climb that has been in place since last September is now extending upwards.

US Crude Oil Price Chart, Weekly Timeframe (March 2014 – June 2018)

Latest US crude oil price chart.

Chart by IG

More to read on US crude oil

US Crude Oil Price Strength Shows No Sign of Ebbing

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--- Written by Martin Essex, Analyst and Editor

Feel free to contact me via the comments section below, via email at martin.essex@ig.com or on Twitter @MartinSEssex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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