WTI Oil Tops $85, Nearing Highest Since 2014

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WTI Oil Tops $85, Nearing Highest Since 2014

WTI oil prices are rising again at the start of a holiday-shortened week, up 1.5% at $85.10 a barrel and on course for the highest closing price since Oct. 13, 2014. “The rise in crude oil prices this morning is tied mostly to geopolitical problems in the UAE. Rebels caused fires that resulted in three tanker explosions near the state oil firm ADNOC’s storage facility,” says Peter Cardillo at Spartan Capital. “The run in prices is likely to continue as traders eye the situation, but from a fundamental view point, the market is getting ahead of itself.” Cardillo says any further price gains could lead OPEC to change course next month.