Crude Oil Crude oil prices rose on Wednesday after the International Energy Agency (IEA) said that a global surplus of crude was starting to shrink. Brent settled up 89 cents at $55.16 /bbl while WTI rose by $1.07 /bbl to settle at $49.30 /bbl. Prices rose even though the DOE Weekly Report showed a big increase in U.S. crude oil inventories. Market participants largely disregarded this build as it was attributable to Hurricane Harvey. DOE Data U.S.…
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Crude Oil Oil prices once again rose on Tuesday after an OPEC report forecast a higher demand in 2018. amid an uptick in sentiment after Saudi Arabia said its oil minister held talks with counterparts over the possibility of extending the supply-cut agreement beyond March 2018. Brent settled up 43 cents at $54.27 /bbl while WTI rose by 16 cents to settle at $48.23 /bbl OPEC, in its monthly report yesterday said that oil production…
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Crude Oil Oil prices settled higher on Monday amid an uptick in sentiment after Saudi Arabia said its oil minister held talks with counterparts over the possibility of extending the supply-cut agreement beyond March 2018. Brent settled up 6 cents at $53.84 /bbl while WTI rose by 59 cents to settle at $48.07 /bbl Hurricane Irma which slammed into Florida on Sunday, left more than 7.4 million homes and businesses without power, but has since…
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Crude Oil Crude prices once again dropped like a ton of bricks on Friday on fears that energy demand would be hit due to the impact of Hurricane Irma. Brent futures dropped 71 cents to settle at $ 53.78/bbl. WTI fell by a much larger $ 1.61 to settle at $ 47.48 /bbl. For the week, the Brent contract gained $ 1.03/bbl. WTI gained just 19 cents / bbl. The front month Brent-WTI spread has…
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Crude Oil Crude prices were mixed yesterday after apparently bearish data from the DOE. While Brent futures rose by 29 cents to settle at $ 54.49/bbl., WTI gave up 7 cents to settle at $ 49.09 /bbl. As expected, the market did not pay much attention to the DOE data, which showed that stocks were affected less adversely than was originally feared. The WTI-Brent spread is, at – $ 5.40 is the highest we have…
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