Crude Oil Oil prices on Friday continued to settle higher for the fifth session in a row and in the process registered its biggest weekly gain this year. While Brent rose by $1.03 or 2%, to settle at $52.52 /bbl after touching a two-month peak of $52.70 /bbl, WTI increased by 67 cents, or around 1.4%, to end at $49.71 /bbl after touching $49.81 /bbl, its highest level since May 30 earlier this year. With the…
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Crude Oil Crude Oil prices soared to an 8 week high yesterday spurred by a rally in US gasoline futures. Brent gained 52 cents to settle at $51.49 /bbl. WTI rose by a relatively lesser amount of 29 cents to settle at $49.04 /bbl. Yesterday, we had mentioned that Brent would be testing the resistance of a downward channel. However, it comfortably scaled that resistance and now would be targeting the 200 DMA in the…
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Crude Oil Bullish DOE data propelled Crude Oil past critical technical levels yesterday. Brent gained 77 cents to settle at $50.97 /bbl. while WTI rose by 86 cents to settle at $48.75 /bbl. The bullish data has taken Brent prices past the 100 DMA and they are now testing the top of a descending channel. However, the MACD oscillator is showing some bearish divergences which probably needs to be considered. But for now, it is…
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Crude Oil Crude Oil continued to rise higher in the wake of the Saudi announcement. Brent rose past the psychological $50 /bbl mark to settle at $50.20 /bbl, up 1.60 cents. WTI rose by $1.55 cents to settle at $45.89 /bbl. Prices were further boosted this morning in the wake of what is apparently bullish API data. API Data The American Petroleum Institute, in its report late last afternoon reported a surprisingly huge draw of…
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Crude Oil Crude Oil recovered well today after Saudi Energy Minister, Khalid al-Falih said that Saudi would limit crude exports to 6.6 million barrels per day. Brent rose to $48.56 /bbl, up 50 cents on the day. WTI rose by 57 cents to settle at $45.34 /bbl. Saudi’s pledge to keep exports limited to 6.6 mbpd does sound bullish prima facie being, as it were, 1 mbpd lower than levels one year ago. However, this…
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