Oil prices edged higher today after last week\u2019s rally as short-term demand concerns seem to be outweighed by Russia\u2019s production cut. “The fundamental backdrop for oil is still very strong,” said PhilFlynn, an analyst at Price Futures Group. “With China reopening, we will see more demand, and Russia and OPEC have the same or less supply, which is bullish.” Azeri crude is now flowing from Turkey’s main export terminal today for the first time since the earthquake on Feb 6th. On the supply side, the EIA is expecting US crude production to rise to its highest on record in March. WTI traded up $.42 or .5% to close at $80.14. Brent traded up $.22 or .3% to close at $86.61.<\/p>\n\n\n\n
Oil prices edged higher today after last week\u2019s rally as short term demand concerns seem to be outweighed by Russia\u2019s production cut. <\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-8746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n