Crude Oil Crude finished the previous week strongly after news that the cuts may be extended into 1Q18. Brent settled $1.10 higher at $53.61 per barrel while WTI settled above $ 50 per barrel for the first time in a while at $50.33 per barrel. Rumors that cuts will not only be extended, but also deepened seem to be fueling a further rise this morning. On the bearish side, Baker Hughes reported a further increase…
Read MoreCrude Oil Crude finished the day marginally higher on reports of all round willingness to extend production cuts. Brent settled 30 cents firmer at $52.51 per barrel and WTI ended 28 cents higher at $49.35 a barrel. The net rise on the day was preceded by a slump of more than $ 1 / bbl as the market reacted adversely to some news about Trump’s sharing of classified news with Russia. However, that slump turned out to be…
Read MoreCrude Oil Crude resumed its upward trend after the DOE data showed draws in both crude and motor fuel products. Brent settled 56 cents firmer at $52.21 per barrel and WTI ended 41 cents higher at $49.07 a barrel. DOE Data According the DOE, Crude stocks drew by 1.8 million barrels (expectation of 2.4 MB), Gasoline stocks drew 400 KB (700 KB) and distillate stocks drew 1.9 million barrels (1.1 MB). While both crude and products showed draws,…
Read MoreCrude Oil The recent bull run in crude oil took a pause on Tuesday on the back of bearish API inventory data which contrary to expectations, saw a build in crude and distillates. Brent settled down 17 cents at $51.65 a barrel and WTI ended 19 cents down at $48.66 a barrel. The International Energy Agency (IEA) said on Tuesday that commercial oil inventories in industrialized countries rose by 24.1 million barrels in the first quarter of the year,…
Read MoreCrude Oil Crude prices continued to climb smartly on the back of the Saudi-Russia joint statement for extending production cuts upto March 2018. Brent settled up 98 cents at $51.82 a barrel, having touched $52.63. WTI ended $1.01 firmer at $48.85 a barrel. Whilst the market is reacting favorably to the announcement, it remains to be seen whether all countries participating in the deal will agree with the Saudi-Russian stance when they meet to decide policy…
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