Crude Oil Oil prices hit mid-2015 highs in early trading on Tuesday but dipped to settle slightly lower as major pipelines in Libya and the UK restarted and U.S production soared to its highest level in more than four decades. WTI crude futures settled 5 cents lower at $60.37 a barrel.Brent crude futures, the international benchmark, settled 30 cents, or 0.5 percent lower at $66.57 a barrel. It was the first time since January 2014…
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Crude Oil Crude Oil prices ended 2017 at year highs as an effect of the prolonged supply cut and various other events. The March Brent contract (which becomes front month today) settled 71 cents higher at $66.87 /bbl. WTI settled 58 cents higher at $ 60.42 /bbl, it’s highest settle in all of 2017 and its first settle above $ 60/bbl in a long time. Oil prices ended the year with a 12% gain spurred…
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Crude Oil Oil prices edged up on Thursday, remaining near 2-1/2-year highs after data showed strong demand for crude imports in China and on increased U.S. refining activity that drew more crude from inventories. Brent settled 28 cents higher at $66.72 /bbl. WTI settled 20 cents higher at $ 59.84 /bbl. Trading was typically thin at year end, with many traders on vacation. In other news, China issued its first batch of 2018 crude import quotas,…
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Crude Oil Crude prices corrected today with the market taking profits. Brent settled 58 cents lower at $66.44 /bbl. WTI settled 33 cents lower at $ 59.64 /bbl. The market seemed to be easing out as news of the restart of the Forties pipeline came in. Flows through the Forties pipeline has recovered to ~50% the normal rate. BP said in an emailed statement that it is now restarting some of the fields that feed…
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Crude Oil Crude spiked sharply in reaction to an explosion on a Libyan pipeline. Brent settled $1.77 higher at $67.02 /bbl. WTI settled just under $ 60 at $ 59.97 /bbl, i.e. $ 1.50 higher. its highest close this year. The explosion on the Es Sider pipeline could take out supply to the extent of 70 – 100 kb/d as announce by the state run NOC. The cause for armed forces blasting the pipeline was…
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