Crude Oil Oil prices edged higher on Wednesday as the U.S. Energy Information Administration (EIA) released its weekly inventory data which showed drawdowns in crude, gasoline and distillates. Brent settled at $52.36 /bbl, up 58 cents while WTI settled at $49.59 /bbl, up 43 cents. DOE Data The US Weekly Petroleum Data released by the DOE for the week ending July 28, 2017 showed a decrease in crude, gasoline and distillate inventories. Commercial…
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Crude Oil Oil prices finally receded yesterday after 6 days of continuous rise. Brent settled at $51.78 /bbl , that is 87 cents lower. WTI price also decreased just over $ 1 /bbl $49.16 /bbl. The drop can be arguably attributed to two factors. The first of them would be pure technical profit booking. This would have been given momentum by continuous reports of overproduction by OPEC countries. Reuters reports that OPEC production in…
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Crude Oil After trading lower for most of the day, oil prices rallied in the last hour of trading to finish higher for the 6th day in a row. While Brent rose by 13 cents to settle at $52.65 /bbl , WTI increased by 46 cents to end at $50.17 /bbl. This is the first time WTI has settled over $ 50/bbl since May 29. The market was boosted in part by anticipation of sanctions…
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Crude Oil Oil prices on Friday continued to settle higher for the fifth session in a row and in the process registered its biggest weekly gain this year. While Brent rose by $1.03 or 2%, to settle at $52.52 /bbl after touching a two-month peak of $52.70 /bbl, WTI increased by 67 cents, or around 1.4%, to end at $49.71 /bbl after touching $49.81 /bbl, its highest level since May 30 earlier this year. With the…
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Crude Oil Crude Oil prices soared to an 8 week high yesterday spurred by a rally in US gasoline futures. Brent gained 52 cents to settle at $51.49 /bbl. WTI rose by a relatively lesser amount of 29 cents to settle at $49.04 /bbl. Yesterday, we had mentioned that Brent would be testing the resistance of a downward channel. However, it comfortably scaled that resistance and now would be targeting the 200 DMA in the…
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