FILE PHOTO: An oil pump is seen operating in the Permian Basin near Midland, Texas, U.S. on May 3, 2017. REUTERS/Ernest Scheyder/File Photo
International benchmark Brent crude oil futures rose 21 cents, or 0.3 percent, to $71.93 a barrel by 0034 GMT. Brent earlier hit a fresh five-month high of 71.96 a barrel, the highest since Nov. 8 when prices topped $72 a barrel. WTI is up more than 40 percent this year and Brent up more than 30 percent, on the back of a deal between the Organization of Petroleum Exporting Countries and its allies including Russia to limit their output by 1.2 million barrels per day starting January.
Light sweet crude oil is the type of oil most preferred by refineries and companies because it contains exceptionally high amts of the chemicals needed to produce gasoline, kerosene and high-quality crude oil. It is “light” because it has low density and flows at a temp of 60 °.
Who's the idiot?
trend_bullish $XOP good play here
Whatever, my gas hit $3.03 today!