Oil prices are back in the spring, at a three-year high, as global growth and oil producers cut production.

Recently, customers ordered paraffin oil and naphthenic oil, complaining about why the price has been increased, the global economy has been growing steadily, and the oil price has continued to rise. If you do not order, the oil price will be higher in the future.

International crude oil prices on Tuesday (Jan. 23) rise in Asian time, because of the global economy has grown steadily, and the organization of petroleum exporting countries (OPEC) and Russia led producers continue to production, to provide a solid support oil prices.

Brent crude rose 0.5 percent to $69.37 a barrel on Tuesday, not far from the three-year high of $70.37 set on January 15.

U.S. WTI crude oil futures rose 0.6 percent to $63.96 a barrel after hitting a high of $64.89 a barrel on January 16, the highest since December 2014.

 

The international monetary fund (IMF), the world economic outlook report released on Monday, on global economic growth is the kinetic energy of the ascension and the tax reform short-term positive effect, is expected in 2018 and 2019, global economic growth will be promoted more, GDP growth expectations were up 0.2% to 3.9%, the highest since 2011.

 

On the other hand, officials from Saudi Arabia, the biggest oil exporter, will support the market in a speech that OPEC and other oil producers will continue to cooperate on production cuts after 2018.

On Sunday, the Saudi energy minister said the market would not return to equilibrium until 2019, indicating that it would take longer for the oil market to regain its balance than OPEC had previously estimated.

 

Mana Hector also pointed out that global oil producers agreed to in the current production agreement expires at the end of this year, should continue to cooperate in production, but this kind of cooperation does not necessarily mean to extend one's current level of production.

 

Traders said the global oil market was well supported by robust economic growth, as well as by OPEC and Russia.

 

"The economic outlook and cold weather have led to faster growth in oil demand, prompting inventories to continue to fall to OPEC's five-year average target," BNP Paribas said in a research note.

The bank said the market remained largely in balance for most of 2018, but inventories would rise in the fourth quarter.

 

BNP paribas has raised its forecast for oil prices by $10 in 2018, with U.S. WTI crude and brent crude averaging $60 and $65 a barrel.

 

The international energy agency (IEA), the previous monthly report, according to global oil supply significantly tightened, helped by the organisation of the petroleum exporting countries (OPEC) production, demand growth and venezuela oil production hit a low of nearly 30 years.

 

 

But the IEA also warned that a surge in us output could threaten the recovery of oil markets.

The agency expects U.S. crude production to exceed 10 million barrels a day, over Saudi Arabia and Russia.

 

TOPSEN chemical supply of paraffin oil, the shipment of 964 tons in 2017, with a number of manufacturers established long-term good development relations!