Crude Oil Crude prices dropped by over 1% notwithstanding reports of a hefty crude draw by the DOE. Brent fell 53 cents to settle at $ 50.27 /bbl, and WTI settled 77 cents lower at $46.78 /bbl. While the DOE did report a huge stock draw of close to 9 million barrels in its weekly report, it also reported small product builds. A a result, the draw did not seem to enthuse traders into buying…
Read MoreCrude Oil Crude prices were in negative territory for most of the trading day yesterday until the US opened and lifted prices to more or less Monday’s close. Brent rose 7 cents to settle at $50.80 /bbl, and WTI settled 4 cents lower at $47.55 /bbl. In the absence of any news hitting the market the pullback would be largely attributed to anticipation of bullish data which would reinforce the rebalancing theme. The API data…
Read MoreCrude Oil Crude prices collapsed yesterday as a wave of bearish news hit the markets. Brent closed $ 1.37 cents lower at $50.73 /bbl, and WTI settled $1.23 cents lower at $47.59 /bbl. The news that the market reacted to the most was the absence of further belligerence from both North Korea and Donald Trump. After it seemed reasonably clear to market players that the likelihood of the situation escalating much higher was low, it…
Read MoreCrude Oil Crude Oil prices ended slightly higher on the higher side as fears of global oversupply battled tensions in North Korea. Brent closed 20 cents lower at $52.10 /bbl, whereas WTI settled 23 cents lower at $48.82 /bbl. Although prices gained marginally on the day, the week has closed on a negative note with with Brent losing 32 cents and WTI losing 76 cents on the week. The IEA report that OPEC compliance had…
Read MoreCrude Oil Crude Oil prices plunged as a crash in stock markets reignited fears of global oversupply. Brent closed 80 cents lower at $51.90 /bbl, whereas WTI settled 97 cents lower at $48.59 /bbl. While prices have indeed dropped significantly yesterday, they still remain technically strong. Currently they are hovering around the 200 DMA line, a good technical support. A strong follow through action would be needed today to breach that support. OPEC released its…
Read More