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Oil Prices Jump to 4-Year High
Oil futures neared a four-year high of $81 per barrel in Europe today after major oil producers outside the U.S. decided yesterday against raising output.
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Oil futures neared a four-year high of $81 per barrel in Europe today after major oil producers outside the U.S. decided yesterday against raising output.
The price of Brent crude, the international standard, closed in Europe today at $80.49. The U.S. standard, West Texas Intermediate, rose by $1.25 to $72.03.
President Donald Trump demanded in a tweet last week that the Organization of the Petroleum Exporting Countries “must get prices down now!” by pumping more crude oil.
But last weekend OPEC and Russia declined to take no action after discussing a collective hike in output of 500,000 barrels per day. The group did affirm its current plan to maintain current production levels.
Oil prices have been roiled by worries about new economic sanctions that will begin in November against Iran. Many analysts predict that Saudi Arabia, OPEC’s largest member, will use some of its extra capacity to offset much of the Iranian shortfall.
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