Oil prices rose to a two-year high this week with West Texas Intermediate (WTI) crude climbing to $55.64 a barrel.
Prices for crude oil have been on a steady increase over the past few weeks and showing signs that they might go even higher. Even better is that oil prices have maintained their gains causing some analysts to rethink whether a $60 price floor might be possible.
Gains this Week
WTI Crude: Increased $1.10 (2%), at $55.64 a barrel
- Brent Futures: Increased $1.45 (2.4%) at $62.07 a barrel
Higher prices are causing a brighter outlook for the producers and investors. Even more significant are the cost-cutting and spending reductions operators have initiated over the last two years that have enabled them to be more efficient at lower prices.
All eyes are on OPEC, who has its next meeting on November 30th in Vienna. It is expected that the group will announce another extension of the oil production cut initiated three years ago.