{"id":1879,"date":"2017-11-22T21:16:08","date_gmt":"2017-11-22T22:16:08","guid":{"rendered":"http:\/\/madaresharghi.com\/us-crude-hits-2-year-high\/"},"modified":"2017-11-22T21:16:08","modified_gmt":"2017-11-22T22:16:08","slug":"us-crude-hits-2-year-high","status":"publish","type":"post","link":"https:\/\/madaresharghi.ir\/en\/us-crude-hits-2-year-high\/","title":{"rendered":"US Crude Hits 2-Year High"},"content":{"rendered":"<p><a href=\"http:\/\/madaresharghi..com\">madaresharghi<\/a><br \/>\n<\/p>\n<p> \tOil prices spiked on Wednesday with US light crude hitting highs not seen since July 2015 after faults on a major pipeline dented Canadian deliveries to the United States, where crude inventories were also reported to be falling.<br \/> \tUS light crude hit a 2-1\/2-year high of $57.98 a barrel before easing to $57.74, up 91 cents on the day. Brent crude was up 48 cents at $63.05 per barrel, CNBC reported.<br \/> \tTraders attributed the jump to an 85% cut in the amount of oil TransCanada Corp will deliver to the United States on its Keystone pipeline through the end of November, announced by the company on Tuesday.<br \/> \tKeystone, which carries 590,000 barrels per day of crude from Alberta\u2019s oil sands to markets in the United States, was shut last week after a 5,000-barrel spill in South Dakota.<br \/> \t\u201cThere is a shortage of crude oil into the United States. Hence the rally in the prices,\u201d PVM Oil Associates strategist, Tamas Varga, said. This adds to a picture of falling crude inventories painted by the American Petroleum Institute in its weekly report on Tuesday, with stocks dropping by 6.4 million barrels in the week to Nov. 17, far above analysts\u2019 expectations. The latest official US production and inventory data were due on Wednesday.<br \/> \t\u201cIf we see the US Energy Information Administration &#8230; confirming the big draw in crude oil stocks reported by the API last night, I think we will see the market going higher,\u201d Varga said.<br \/> \tOutside North America, markets have been supported by an effort led by the Organization of Petroleum Exporting Countries to end a global supply overhang by restraining output. The deal to curb production is due to expire in March, but is widely expected to be extended at the group\u2019s next meeting on Nov. 30.<br \/> \t\u201cThere is growing consensus that OPEC will extend their production cut deal at the end of the month. This confidence along with the current geopolitical environment has kept ICE Brent trading firmly above $60 per barrel,\u201d Dutch bank ING said.<br \/> \t\u201cHowever, an outcome at the OPEC meeting, which falls short of market expectations, will likely lead to a selloff, and given the large speculative long in Brent, this could be fairly severe,\u201d it added.<\/p>\n<p> \t\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>madaresharghi Oil prices spiked on Wednesday with US light crude hitting highs not seen since July 2015 after faults on a major pipeline dented Canadian deliveries to the United States, where crude inventories were also reported to be falling. US light crude hit a 2-1\/2-year high of $57.98 a barrel before easing to $57.74, up [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2,8],"tags":[296,118,28,31,159,639,178,56,213,84,95,82,68,22,23,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v15.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US Crude Hits 2-Year High - madaresharghi | An Analytical Look at Middle Eastern Developments<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/madaresharghi.ir\/en\/us-crude-hits-2-year-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Crude Hits 2-Year High - madaresharghi | An Analytical Look at Middle Eastern Developments\" \/>\n<meta property=\"og:description\" content=\"madaresharghi Oil prices spiked on Wednesday with US light crude hitting highs not seen since July 2015 after faults on a major pipeline dented Canadian deliveries to the United States, where crude inventories were also reported to be falling. 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