Crude Oil: Market Outlook
Oil prices rallied in February: WTI and Brent appreciated by $9 and
$10 a barrel correspondingly. Geopolitical events were the main market
drivers since Feb 2011, when the civil war in Libya
broke out. Since then many oil companies announce a production decline
(read ThisWeekInPetroleum - March 23, 2011, September 14, 2011, and
December 7, 2011). Libyan
oil supplies are gradually returning to the global market of crude oil.
However, the disruption of oil supplies from Iran, South Sudan, Yemen
and Syria has been influencing the market since January.
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