Oil Price Digest 31-Mar-17

Crude Oil Good news for crude bulls helped prices up for a third straight day. Brent rose by 54 cents / bbl to settle at $ 52.96 / bbl. WTI rose by 84 cents to settle at $ 50.35 /bbl.  Brent prices may have been affected due to its impending expiry today. The drivers for the move were primarily news that Russia has reduced its production by 100 kbd more to a total of 200…

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Oil Price Digest 30-Mar-17

Crude Oil Crude prices continued their strong rally yesterday in what the market regarded as bullish indications from stock reports.  Brent rose by $ 1.09 / bbl to settle at $ 51.33 / bbl. WTI rallied by $1.14 /bbl to settle at $ 49.91 /bbl. DOE Data The DOE, in its weekly report of US stocks yesterday reported crude stocks had increased by 867 kb. Gasoline drew by 3.7 million barrels while distillate stocks fell…

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Oil Price Digest 29-Mar-17

Crude Oil Crude prices rallied strongly yesterday.  Brent settled at $ 51.33 / bbl, up 58 cents on the day. WTI rose by 64 cents to settle at $ 48.77 /bbl. The immediate reason given for  this rise was reports that Libyan production of 252 kbpd would be curtailed due to the actions of armed protesters.  This was tagged to the possibility of an extension in the OPEC production cuts. This price action gives us some good…

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Oil Price Digest 28-Mar-17

Crude Oil Crude prices tested the support at $ 50/bbl for Brent and rebounded from there to finish marginally lower.  Brent settled at $ 50.75 / bbl, 5 cents lower, while WTI settled 24 cents lower at $ 47.73 /bbl.   Funds still remain uncertain about the direction of oil prices.  Yesterday’s rally from the lows was reported to be a reaction to the possibility that OPEC may extend its production cuts. While the market appears…

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Oil Price Digest 27-Mar-17

Crude Oil Crude prices continued their consolidation on Friday as the market awaits the result of the OPEC review meeting slated for the weekend.  Brent settled at $ 50.80 / bbl, up 24 cents on the day while WTI settled 27 cents higher at $ 47.94 /bbl. The drop for the week was 96 cents for Brent and 84 cents for WTI respectively. Before we look at the weekend data,  a quick recapt of what has been…

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