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Oil Prices Steady as Demand Increases in U.S., China

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   |    Thursday,July 13,2017

[Summary: Oil prices have balanced in response to an upswing of Chinese demand. Currently, brent crude is hovering around $48/barrel, up ~$4.00 in comparison to a price of ~$44/barrel earlier this month.

Furthermore, OPEC and non-OPEC producers vow to cut production in coming 18 months to sustain the price increase. OPEC said it will cut production by ~1.2 million bpd between January 2017-March 2018. Russia and other non-OPEC producers say they will cut back half as much.

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