FLASH: Oil Prices Continue to Creep Upward

030629-N-4790M-001 Central Command Area of Responsibility (Jun. 29, 2003) -- Commercial oil tanker AbQaiq readies itself to receive oil at Mina-Al-Bkar Oil terminal (MABOT) an off shore Iraqi oil installation. AbQaiq is the first commercial vessel to receive a post-war shipment of crude oil for export at Mabot. AbQaiq is scheduled to take on an estimated 2 million barrels of crude oil. U.S. Navy and coalition forces are helping to provide security, enforcing an exclusionary perimeter around the terminal. U.S. Navy photo by Photographer's Mate 2nd Class Andrew M. Meyers. (RELEASED), https://commons.wikimedia.org/w/index.php?title=Special:Search&title=Special:Search&redirs=0&search=oil+tanker&fulltext=Search&fulltext=Advanced+search&ns0=1&ns6=1&ns14=1&advanced=1&searchToken=c8v9kp7zj8qr2ca6bo8zpklqw#%2Fmedia%2FFile%3AOil_tanker_Abqaiq_in_2003.jpg

Brent crude oil was flirting with $85 per barrel on Tuesday, down slightly from a four-year high in the previous trading session. West Text Intermediate (WTI) was posting similar multi-year highs at $75.40.

Both benchmarks are now far removed from the dog days of 2016, when Brent crude was trading as low as $27 a barrel.

The recovery, which has gathered steam over 2018, begs the question: How high can oil prices go?

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