Crude Oil Bullish DOE data propelled Crude Oil past critical technical levels yesterday. Brent gained 77 cents to settle at $50.97 /bbl. while WTI rose by 86 cents to settle at $48.75 /bbl. The bullish data has taken Brent prices past the 100 DMA and they are now testing the top of a descending channel. However, the MACD oscillator is showing some bearish divergences which probably needs to be considered. But for now, it is…
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Crude Oil Crude Oil continued to rise higher in the wake of the Saudi announcement. Brent rose past the psychological $50 /bbl mark to settle at $50.20 /bbl, up 1.60 cents. WTI rose by $1.55 cents to settle at $45.89 /bbl. Prices were further boosted this morning in the wake of what is apparently bullish API data. API Data The American Petroleum Institute, in its report late last afternoon reported a surprisingly huge draw of…
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Crude Oil Crude Oil recovered well today after Saudi Energy Minister, Khalid al-Falih said that Saudi would limit crude exports to 6.6 million barrels per day. Brent rose to $48.56 /bbl, up 50 cents on the day. WTI rose by 57 cents to settle at $45.34 /bbl. Saudi’s pledge to keep exports limited to 6.6 mbpd does sound bullish prima facie being, as it were, 1 mbpd lower than levels one year ago. However, this…
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Crude Oil Crude Oil fell sharply last Friday as news of increase in OPEC supplies this month hit the markets. Brent settled down $1.24 or 2.52 % at $48.06 /bbl whilst WTI settled down $1.15 or 2.45 percent, at $45.77 /bbl. Petro-Logistics, one of the leading companies measuring sea-borne petroleum trade said on Friday that it anticipates OPEC crude production to rise 145,000 barrels per day this month. This increase in production will come mainly from…
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Crude Oil It was a choppy trading session yesterday which first saw crude touch six week highs and then fall to close lower. Brent settled down 40 cents at $49.30 /bbl while WTI settled down 33 cents to $46.79 /bbl. Market participants seem to be convinced that the supply glut is here to stay and that the market is unlikely to rebalance anytime soon. In such a situation, bullish developments like inventory drawdowns, slowing down…
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