It was a busy and volatile week in the oil market.
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Geopolitical pressures were among the features of an uncertain week.
President Donald Trump sent a clear message to all countries buying oil from Iran that the grace period had ended
In Friday trading, Brent crude was priced just above US$72 with WTI around US$63 a barrel
Many analysts have been telling us for months that all crude is not created equally and the shortage of heavy crude is now a factor in global supply.
On Friday trading, Brent crude was priced above US$68 with WTI holding just above US$60 a barrel
Inventories in the US are down more than expected with WTI hitting a record US$60 a barrel this week
In Friday trading, Brent was just below US$66 with WTI (West Texas Intermediate) holding above US$56 a barrel
President Trump has not taken to twitter about the oil price since November, but recent strength is clearly annoying him.
The market is clearly feeling the pinch from OPEC’s 6-month production cut agreement with Saudi Arabia pumping below quota
The optimistic start to the week was short lived and in Friday trading, Brent was struggling close to US$62
Brent crude was down slightly and priced around US$61.
US shale production continues, crude inventories are down, and, there's question marks over demand growth.
The first two weeks of trading got off to a good start with projections for more sustained economic growth
2018 was a year that wouldn’t end fast enough for the crude market.
With just over two weeks left in the year, it looks like uncertainty will continue to rule the day.