Traders and investors are restless and nervous about sustained growth in shale production.
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Brent crude hit a two-week high above US$66 with WTI holding around US$62 a barrel.
This week the oil and gas sector brought news of new exploration campaigns, drilling plans and financial results
On Friday, Brent crude was priced around US$65 with WTI holding above US$61 a barrel.
Brent crude was priced above US$64 with WTI still holding above US$60 a barrel.
In early trading on Friday, Brent crude was close to US$70 with WTI above US$66 a barrel.
As the leading energy players arrive home from a week in the Swiss hills, producers can look forward to a strong end to the first month of the year
In early trading on Friday, Brent crude was priced above US$68 with WTI holding around US$63 a barrel.
At the close of the first week of January 2017, Brent crude was priced below US$57 with WTI trading at less than US$54 a barrel. What a difference a year makes!
OPEC continues to try to right-size oil production but future shale production will be the big focus for 2018.
The IEA delivered its report on Thursday and says it expects non-OPEC supply to grow by 1.6 million barrels a day in 2018
As OPEC tightens part of the market and strengthens prices, some US producers see this as a good time to increase domestic production.
The OPEC president and Saudi Arabian energy minister Khalid Al-Falih was upbeat as he delivered the news
In early trading on Friday, Brent crude was holding above US$61 with WTI above US$55 a barrel
The oil price is experiencing its strongest price in two years with many analysts predicting further strengthening by the end of the year.
In early trading on Friday, Brent crude was priced above US$60 with WTI trading above US$54 a barrel.