{"id":89825,"date":"2016-05-17T06:51:18","date_gmt":"2016-05-17T10:51:18","guid":{"rendered":"http:\/\/countingpips.com\/?p=89825"},"modified":"2016-05-17T06:51:18","modified_gmt":"2016-05-17T10:51:18","slug":"oil-at-6-month-high-edging-towards-50","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2016\/05\/oil-at-6-month-high-edging-towards-50\/","title":{"rendered":"Oil at 6-month high, edging towards $50"},"content":{"rendered":"<div id=\"inves-4122234045\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">May 17, 2016<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>Article by <a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/p>\n<p>Oil prices rose to the highest level in six months, moving closer to the key $50-a-barrel mark for the first time since November. Mounting concerns over supply helped lift oil prices, while a more bullish outlook from Goldman Sachs also helped.<\/p>\n<p>Supply disruptions due to events in major oil producing countries like Nigeria and Canada recently have put pressure on prices.<\/p>\n<p>In Nigeria, militant threats to production in the country are causing concern since Nigeria is a key OPEC producer. Output levels are at their lowest in decades. On Monday Nigerian oil minister said output had fallen by 800,000 barrels a day to 1.4m barrels.<\/p>\n<p>Meanwhile the wildfires in Canada\u2019s oil sands near Fort McMurray also disrupted production. Yesterday, about 8,000 oil sands workers in camps north of Fort McMurray have been forced to evacuate once again.<\/p>\n<p>The perception of diminished supply and strengthening demand was enough to prompt analysts at Goldman Sachs, arguably the most influential bank in commodity markets, to lift their forecast for WTI. It now thinks the US benchmark will average $45 per barrel during the second quarter, up from an earlier estimate of $35 in March.<\/p><div id=\"inves-4111191458\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>&nbsp;<\/p>\n<hr \/>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-54242 alignleft\" src=\"http:\/\/countingpips.com\/articles-analysis\/wp-content\/uploads\/2014\/07\/Forex-Time-Logo.png\" alt=\"Forex-Time-Logo\" width=\"262\" height=\"90\" \/><strong>Article by <span style=\"text-decoration: underline;\"><a href=\"http:\/\/countingpips.com\/contributors\/contributor-profile-forextime\/\">ForexTime<\/a><\/span><\/strong><\/p>\n<p><strong>ForexTime Ltd (FXTM)<\/strong> is an award winning international online forex broker regulated by CySEC 185\/12 <a href=\"http:\/\/www.forextime.com\" target=\"_blank\">www.forextime.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Article by ForexTime Oil prices rose to the highest level in six months, moving closer to the key $50-a-barrel mark for the first time since November. Mounting concerns over supply helped lift oil prices, while a more bullish outlook from Goldman Sachs also helped. Supply disruptions due to events in major oil producing countries like [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-89825","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/89825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=89825"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/89825\/revisions"}],"predecessor-version":[{"id":89845,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/89825\/revisions\/89845"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=89825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=89825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=89825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}