Oil price breaches $50 mark for the first time since June
It seems oil prices are rebounding. Although prices still have a long way to go before even being able to think of attaining pre-crash levels, the current surge is certainly encouraging.
The price for oil in New York rose over $50 a barrel on Thursday for the first time since June.
Qatar Tribune reported that US benchmark West Texas Intermediate for delivery in November was trading up 37 cents at $50.20 a barrel, while the London benchmark Brent had climbed 53 cents to $52.38 per barrel.
The key reasons for the upward movement was the surprise drop in US oil inventories and last week’s OPEC announcement of an output cut.
The $50 mark is considered crucial as it makes drilling cost-effective for many companies.
Oil is a major source of income for Gulf countries and the hundreds of thousands of expatriates living there. News of the new hike in oil prices could be the best way for them to start their weekend.
It was bound to happen, those who had invested their money in the oil stocks or Mutual Funds about 3 months before are reaping a huge benefit today ... ...... More rise is expected in the coming 3 months ..... ..... Long term view is positive as well ................
I have always been saying for several months now that there are 2 soothsayers at Qatar Living who predict things would take place in "3 days" or "3 weeks" or "3 months." They are yet to predict what would happen after "3 years" as that may be beyond their powers as of now.
I have been saying this for the past few weeks .. Joys and more investment coming now