Crude Oil Crude prices prices recovered over two percent on Friday erasing most of the losses of the week. Brent rallied $ 1.36 to settle at $62.72 /bbl. WTI gained $ 1.41 /bbl and settled at $56.55 /bbl. The reasons for the sharp rise are not exactly clear. It would be a combination of factors including profit taking by the shorts, a leakage in the Keystone Pipeline causing a short term shut down of supplies…
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Crude Oil Crude prices continued their descent as markets absorbed the impact of US production growth and stock builds. Brent slipped 51 cents lower to $61.36 /bbl. WTI eased 19 cents to close at $55.14 /bbl. The slow descent augurs well for the market insofar as there appears to be an orderly unwinding of positions if the market is indeed headed downwards. In other news, Saudi Arabia’s energy minister conceded that the IEAs opinion that…
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Crude Oil Crude prices dipped further yesterday after the EIA weekly report confirmed builds in crude and gasoline. Brent settled 34 cents lower at $61.87 /bbl. WTI too lost 37 cents to close at $55.33 /bbl. The market however seemed to take heart from the fact that the build reported by the DOE was much lower than that reported by API and settled around 37 cents higher from where prices were at the time of…
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Crude Oil Crude prices dropped dramatically yesterday after the IEA forecast a gloomy outlook for the near future in its monthly Oil Market Report. Brent settled 95 cents lower at $62.21 /bbl. WTI lost $ 1.06 /bbl to close at $55.70 /bbl. The drop was arguably exacerbated by a global selloff in other commodities like nickel and copper which was in response to weaker than expected data from China. The IEA cut its demand growth…
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Crude Oil Crude prices closed in opposite directions on Monday with Brent settling 36 cents lower at $63.16 /bbl and WTI gaining 2 cents to close at $56.76 /bbl. Market appears to be caught between bullish and bearish developments with neither side being able to considerably outweigh the other. Whilst the rising production in the U.S. was weighing in on prices, ongoing tensions in the Middle East and record long bets by fund managers was providing support…
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