March 8, 2016 Comments Off on Oil Hits $40, Expected to Reach Record Highs Views: 2629 California News, National News

Oil Hits $40, Expected to Reach Record Highs

Oil prices jumped nearly 4 percent on Monday to more than $40 for Brent crude and as much as $37.35 for West Texas Intermediate, the highest levels since early December. Stockpiles rose to 68.8-million barrels last week, after rising by more than one million barrels the previous week.

Hedge fund and money managers have hiked their long positions, a sign that the price of oil is expected to rise. Investors increased their long positions in internationally traded Brent crude to record levels.

Oil prices are now up more than 40 percent for the year, following the slumping pricing levels in January that had not been seen since 2003.

Read More at CNBC

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