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This is the fourth report in a row of oil prices at $60pb or above, in the last few months. Now the Brent price for deliveries in January 2018 have been set at $63.07pb. Remember it costs only $15pb to raise the stuff in the first place according to BP’s Chief Executive some months ago. Here are the earlier reports.
This is the result of more than one factor. Much is made of the OPEC cuts but fast-falling stockpiles and surging demand from Asia may soon push the prices further up making the January deal seem like a bargain. See this: