Oil touches $ 50 and Brent West Texas exceeds

The sharp drop in US crude inventories stimulus rising oil prices.

The recent oil price fall has crushed an end to the rise of unconventional oil in the US. Its production minimum key in a context marked by oversupply.

This decline in production is now added a stop to the accumulation of oil reserves. The data published yesterday by the American Petroleum Institute showed a drop in US inventories of 5.1 million barrels last week. The fall twice analysts forecasts.

The foreign exchange market again plays a decisive role in the oil price. Growing expectations of a future increase in interest rates by the Federal Reserve have strengthened the dollar, the currency which monopolizes the commodity prices.

Dollar touches to two months highs against the euro and its escalation could be sued if raising imminent rate in the US is confirmed.

Winning the force increases in oil prices, and more in the barrel of West Texas, USA reference. In his rise significantly above $ 49, maximum area since last year, especially since October.

Benchmark oil US sometimes exceed their price to Brent. benchmark crude in Europe also exceed $ 49, near the barrier of $ 50.

Change Cycle

The latest reports of major investment companies also invite the medium- and long-term oil market purchases. Goldman Sachs last week predicted an imminent change of cycle in the oil market to predict the end of a period of nearly two years of continuous supply surplus.

In the last hours it was Citigroup analysts also stressed that the change of trend on the oil market. Once revised upwards its oil price estimates, Citi experts raised its forecast for Brent at $ 65 by the end of 2017