Until the opening of the trading session on Monday, oil prices continued to climb to continue strengthening in price since last week. Rising oil prices are influenced by short-covering and rising demand triggered by cold weather in the northern hemisphere.
Friday (22/1) ago, oil futures have gained 10 percent and a record for the highest daily price increases due to the steps traders rushed to close their short positions. Today (25/1), Brent futures contract delivery in March had risen to 0.12 percent of the US Dollar 32.22 per barrel, after touching USD 32.69. Likewise, the oil West Texas Intermediate (WTI) on the NYMEX exchange has risen 0:06 percent towards USD 32.19 per barrel.
"Changes in investor sentiment is a major factor, with a speculative short position in WTI down from the historically high level last week," said ANZ Bank on WTI oil as quoted by CNBC. Late last week, Baker Hughes reported that the number of oil wells in the United States decreased 5 to 510 in the week ended January 15. Oil rigs operating in the US has declined for five consecutive weeks, though they actually increased oil production exceeded 9.2 million barrels per day.
Snowstorm that occurred in the US have added to the demand for heating oil and help bring the price of crude oil rose. Until now, Washington is still closed after a storm that causes a buildup of snow between half a meter to 1 meter. While the city of New York and Philadelphia just returned operate.
Friday (22/1) ago, oil futures have gained 10 percent and a record for the highest daily price increases due to the steps traders rushed to close their short positions. Today (25/1), Brent futures contract delivery in March had risen to 0.12 percent of the US Dollar 32.22 per barrel, after touching USD 32.69. Likewise, the oil West Texas Intermediate (WTI) on the NYMEX exchange has risen 0:06 percent towards USD 32.19 per barrel.
"Changes in investor sentiment is a major factor, with a speculative short position in WTI down from the historically high level last week," said ANZ Bank on WTI oil as quoted by CNBC. Late last week, Baker Hughes reported that the number of oil wells in the United States decreased 5 to 510 in the week ended January 15. Oil rigs operating in the US has declined for five consecutive weeks, though they actually increased oil production exceeded 9.2 million barrels per day.
Snowstorm that occurred in the US have added to the demand for heating oil and help bring the price of crude oil rose. Until now, Washington is still closed after a storm that causes a buildup of snow between half a meter to 1 meter. While the city of New York and Philadelphia just returned operate.
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