Price of Oil Moving Up Again - Adsit Company

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Price of Oil Moving Up Again

oil-pumpjackOil prices just went higher than they have at any point over the last six months. This increase in price is happening because of an oil shortage across the globe – or at least that’s how Goldman Sachs is reporting it. In any case, the price of oil will, as usual in situations like this, fluctuate with gains and losses for a few days before becoming relatively steady.

Seeing as we don’t know when the next huge oil/gas price increase will be, you might want to do what you can to make sure your vehicle is as efficient as possible. Head over to our Mercedes-Benz fuel page to browse and buy control units, fuel pressure regulators, pumps, tanks and more.

 

Oil prices hit six-month highs on Monday on worries about global supply outages and as long-time bear Goldman Sachs sounded more positive on the market, although a stockpile build at the U.S. storage hub for crude futures pared gains.

Expectations of resumption in oil exports from a Libyan port, a ramp up in Nigerian crude production by Exxon Mobil Corp and an improved oil-for-loans deal reached by Venezuela with China furthered the tempered the bullish theme in oil.

U.S. crude futures settled up $1.51 at $47.72 a barrel, at their highest since Nov. 3, when they closed at $47.90.

Brent crude futures were trading at $48.99 per barrel, up $1.13, or 2.36 percent.

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