Plus   Neg

Crude Oil Cracks $60 Barrier

Crude oil futures were set end the year at their highest level since 2015, supported by a weak dollar and strong demand for energy products.

WTI light sweet oil was up 22 cents at $60.06 a barrel, pushing through the elusive $60 mark.

Natural gas prices have also rallied, adding another 5 cents, or 1.8%, to $2.967 per million British thermal units amid frigid temps in the U.S.

Traders will be paying attention this afternoon when Baker Hughes issues its weekly U.S. oil rig count.

Domestic drillers have been adding new rigs in an effort to take advantage of the rising oil prices.

At the same time, U.S. oil inventories were down by 4.6 million barrels last week. Stockpiles have fallen sharply over the past few weeks as refineries ramped up after hurricane damage.

Meanwhile, OPEC expects oil to sustain at $75 over the next few years, due in part to its supply quota plan with Russia.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT