What was the highest price of oil in 2017?

Crude oil prices ended 2017 at $60/barrel (b), the highest end-of-year price since 2013. West Texas Intermediate (WTI) crude oil prices averaged $51/b in 2017, up $7/b from the 2016 average, and ended the year $6/b higher than at the end of 2016.

What factors affected oil prices in 2017?

The OPEC agreement to curtail crude oil production in 2017 and subsequent extension of that agreement through 2018 tightened crude oil supplies, which put upward pressure on crude oil prices. The price spread between Brent and WTI was significantly greater in 2017 than in 2016.

How did OPEC's production cuts affect oil prices in 2017?

1. Prices stable after OPEC agrees to an output cut. Prices started 2017 trading in a stable range after OPEC and non-OPEC allies reached an agreement in late-2016 to limit crude oil production. During this time, managed money net longs for both Brent and West Texas Intermediate were increasing to new record levels.

What was the difference between Brent and WTI prices in 2017?

West Texas Intermediate (WTI) crude oil prices averaged $51/b in 2017, up $7/b from the 2016 average, and ended the year $6/b higher than at the end of 2016. Brent prices have moved up $10/b since the end of 2016 and ended the year at $65/b, widening the Brent-WTI spread to $5/b at the end of the year, the largest difference since 2013.