Oil Prices Reached $50- Get Ready For the Oil Boom!
Great News!! World oil prices have just passed a key milestone, hitting $50 for the first time in seven months last week, and are 50.10 today at the time of this publication. It’s the moment we’ve all been waiting for. There’s about to be more oil jobs available for everyone.
The big milestone happened earlier than many expected, fueled by major supply outages that wiped out production in Nigeria, Venezuela and facilities in Canada being disrupted by major wildfires.
Both U.S. and Brent crude prices climbed back above $50 a barrel early May 28 and again Tuesday 31st May, following a report showing that U.S. crude stockpiles had fallen by more than expected. For WTI oil, it’s the first time above $50 a barrel since October and leaves it an incredible 93% above its February low of $26.05. What’s this mean? This means those of you that want to work will have a job wherever you want.
Oil’s rise took it to levels more than 80 percent above January’s 12-year lows and was fueled in part by a weaker dollar, which fell against the Japanese yen.
“Geopolitical issues in West Africa and the Middle East, supply outages, increased demand and maybe a touch of a weaker dollar have all helped push prices higher,” said Jonathan Barratt, chief investment officer at Sydney’s Ayers Alliance.
But the biggest reason why oil has returned back to $50 roughly six months ahead of schedule is supply outages. For instance, Citigroup estimates that pipeline explosions in Iraq, Nigeria and Colombia took about 1.1 million barrels of daily production offline in the first quarter. Just as those issues were resolved, militant attacks on pipelines knocked Nigerian output down by 800,000 barrels per day and Alberta wildfires hurt Canadian production by 1.1 million barrels, Citi estimates. That’s on top of political crises in Venezuela and Libya keeping output low there as well.
Stronger demand from India, China and Russia has also played a role in lifting oil prices. Overall, Citi estimates that global demand grew by about 1.4 million barrels per day in the first quarter, exceeding expectations.
Can We Expect An Oil Jobs Boom in 2016?
America is gearing up for an all out boom. You can either get ready and go to work, or you can sit on the sidelines and let the opportunity of a lifetime pass you by. Entry level Oilfield Jobs start out just under 6 figures at OilJobsBoard.com and if you are an experienced worker, you could earn several times more. Get yourself ready and share this article with your friends so they know what’s coming. Oil Jobs will be back baby!
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