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Oil sets new 2016 highs on production freeze, demand bets
March 18, 2016 by publisher · Leave a Comment
“Focus for now is firmly placed on a global macroeconomic environment that is propelling other industrial commodities such as the metals as well as world equities back to around highest levels since late last year,” said Jim Ritterbusch of Chicago-based energy markets consultancy Ritterbusch & Associates. It was on course to gain 6 percent on the week for a fifth straight week of gains. U.S. crude inventories hit a fifth straight week of record highs last week but the build of 1.3 million barrels was less than half …
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Oil sets new 2016 highs on production freeze, demand bets