Mexican Media Brands
Oil Futures Top $50 For First Time in 2016
The price of crude oil has topped $50 per barrel for the first time this year, aided by supply disruptions and increasing energy demand caused by general economic growth.
#economics
Share
The price of crude oil has topped $50 per barrel for the first time this year, aided by supply disruptions and increasing energy demand caused by general economic growth.
Brent Crude, the global benchmark, peaked on Thursday at $50.51 before settling at $49.40. America’s benchmark, West Texas Intermediate, hit $50.21 in intraday trading before finishing at $49.34.
Both prices have gained almost 90% from their 12-year lows last winter. Each was above $100 per barrel in mid-2014. Many analysts expect oil prices will rise to a consistent $50 per barrel in the second half of this year.
But at that price point, they say, North American oil production from shale could reignite, thereby holding down further increases. Some experts predict petroleum prices will slowly increase to about $60 per barrel by the end of 2017.
RELATED CONTENT
-
On Global EV Sales, Lean and the Supply Chain & Dealing With Snow
The distribution of EVs and potential implications, why lean still matters even with supply chain issues, where there are the most industrial robots, a potential coming shortage that isn’t a microprocessor, mapping tech and obscured signs, and a look at the future
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
On Quantum Navigation, EVs, Auto Industry Sales and more
Sandia’s quantum navi, three things about EVs, transporting iron ore in an EV during the winter, going underwater in an EV (OK, it is a sub), state of the UK auto industry (sad), why the Big Three likes Big Vehicles, and the future of logistics.