Oil prices are up due to the decrease of inventories in the U. S. The dispute between the U.S. and China oil trade is the prime basis for predicting the direction of oil.
In CNBC article titled “Oil rises 0.1% to $56.30 as US inventories decline,” it explains the two economies are waiting to move forward with high-level trade until October, which in return has boosted the prices.
Brent crude oil increased 16 cents and West Texas Intermediate (WTI) increased 4 cents. Brent crude oil is $60.86 a barrel and WTI is $56.30 a barrel.
It is anticipated that natural gas production will continue to grow throughout the end of the year in 2019. The average price for Brent crude oil is averaged at $64/b according to EIA with West Texas Intermediate (WTI) crude oil priced $5.50 less than Brent. Natural gas prices are expected to increase to $2.75/MMBtu throughout 2019 and into 2020.
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