2017 Oil Market Bullish Year

The year 2017 marked crude oil’s most bullish performance, driven by OPEC’s strategic supply curbs coordinated by Saudi Arabia and Russia. This effort reduced global oversupply since 2014, lifting prices significantly.

Oil futures surged to $67 in London and $60 in New York by late 2017, a 40-per-cent rebound from June lows after earlier price declines.

Geopolitical disruptions in Libya, Iraq, the North Sea, and Canada boosted prices, while US oil production dropped 35,000 barrels per day in the latest week.

Global oversupply concerns from 2014 diminished as prices rose to $67 in London and $60 in New York by late 2017, reflecting a 40-per-cent rebound from June 2017 lows.

Geopolitical disruptions in Libya, Iraq, the North Sea, and Canada contributed to higher prices, while US oil production declined by 35,000 barrels per day in the latest week.