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If you have been keeping tabs on how light sweet crude oil has been performing in recent months, you will know that prices have been heading upwards for quite some time. And Friday 6th November saw that price finish up at $77.43 by the time the weekend was upon us. This was a little over two dollars lower than it had started the session at.
A little research shows that prices are a lot higher than they were at the beginning of this year. Back in February we were looking at much lower costs per barrel, with figures settling in at around the $45 mark. We haven’t quite doubled up the value since then, but it isn’t far off and many are wondering whether we could get back to that higher level once again. There is currently some uncertainty though as to whether this could happen, so it will be interesting to keep an eye on the figures as the next week or two progresses.
If you check out a graph of the progress that light sweet crude has made over the past year, it makes for interesting reading. At present the oil is valued slightly higher than it was this time last year. As we mentioned above it then dipped back down by some distance before gradually starting to make its way back up again throughout the rest of the year.
So as the price has been rising, the question is how much longer will it continue to do so? If we look back to July of 2008 we can find a top figure of $147 per barrel. We are still some way off that at the moment – indeed we would have to nearly double the value if we wanted to achieve that high again. But how much closer will we get to it?
Many people are pointing to the testing point of $80 a barrel. And since we are very close to that now, there is a chance that we could indeed reach it again very soon.
It is important to note however that in recent days there has been a slight dip in the prices. So does this point to the possibility that the highest point has already been reached? Or is it just a momentary dip that will be followed by another rise in price?
Whatever the case may be, light sweet crude oil is certainly one to watch in the coming days and weeks.
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