Crude Oil Prices Are Up 49%, and It’s Not All Thanks to OPEC
- Refiner margins, foreign demand, cold and politics contribute
- Is $80 oil ahead? Analysts are divided on 2018 forecasts
This article is for subscribers only.
OPEC may get the credit for the longest winter decline in U.S. crude stockpiles in a decade, but other factors are also at play, including strong refining margins, frigid weather and robust foreign demand.
The bottom line: A 49 percent surge in benchmark North American crude futures since late June, putting prices at a three-year high.