Crude Oil Crude Oil prices managed to close higher on Thursday, a day after hitting 10-month lows, with Brent closing 40 cents higher at $45.22 /bbl and WTI ending 21 cents higher at $42.74 /bbl. However, the market sentiment remains negative because the global crude glut has persisted despite OPEC-led output cuts. The bearish sentiment is accentuated by the recently released inventory data which saw stocks in Europe’s Amsterdam-Rotterdam-Antwerp hub hit 64.2 million barrels in the week…
Read MoreCrude Oil Crude oil prices collapsed again notwithstanding what appeared to be bullish data from the DOE. Brent ended the day$ 1.20 lower to settle at $44.82 /bbl. WTI too lost 94 cents to settle at $42.53 The momentum with which prices dropped yesterday was startling to say the least. The market continues to be in a bear grip which seems to technically point to as low as $ 41 /bbl basis Brent. In our…
Read MoreCrude Oil The fall in crude oil prices continues unabated as investors remain skeptical of the efforts by OPEC and its allies to rebalance supply and demand in the market in the wake of rising global output. Both Brent and WTI settled at seven-month lows on Tuesday with Brent falling by 89 cents to settle at $46.02 /bbl and WTI falling by 69 cents to settle at $43.51 /bbl. The market appears unimpressed by OPEC’s 108%…
Read MoreCrude Oil Crude oil prices continue to slide amidst growing fears of a worsening supply glut. Brent fell 46 cents, or 1 percent, to settle at $46.91 /bbl while WTI declined 54 cents, or 1.2 percent to settle at $44.20 /bbl. Supplies are set to only go up further with Libya’s oil production rising by over 50,000 bpd to 885,000 bpd after the state oil firm settled a dispute with Germany’s Wintershal. It is relevant to note…
Read MoreCrude Oil Although Crude Oil prices rose last Friday with Brent settling 45 cents higher at $47.37 /bbl and WTI settling 28 cents lower at $44.74 /bbl, the outlook remains bearish. As of this morning both Brent and WTI futures are down 11 cents each. More significantly, prices for both benchmarks are down by almost 13 percent since late May, when OPEC announced extension of its production cuts. According to Baker Hughes, US rig count rose…
Read More