Higher on the dayThe price of US crude oil futures are selling at $57.17 per barrel. The contract was higher by $.36 or 0.63%.
The high price extended to the $57.53 while the low reached $56.69.
Saudi political shakeup is being cited as the reason for the rise.
Of note was that the DOE reported yesterday that US production surpassed 2015 high production levels. That ran counter to the rig count last week that saw a dip in rigs.
Higher supply should mean lower prices, but remember it is only one producer and the talk out of the Saudi’s is they want to keep a lid on the production going forward.
For today, the buyers won and keep control.