Crude Oil Although crude oil closed only marginally higher on Friday, with Brent increasing by $ 0.07/bbl to settle at $50.84/bbl while WTI increasing by $0.01 /bbl settle at $ 47.84/bbl, the market is up sharply this morning on news that Saudi Arabian and Russian energy ministers have issued a joint statement that an OPEC-led crude production cut would be extended from the middle of this year until March 2018. This joint statement is significant given…
Read MoreCrude Oil Crude continued to strengthen with market hopeful of the supply glut easing with OPEC extending production cuts. Brent increased by $ 0.55/bbl to settle at $50.77/bbl while WTI increased by $0.50 /bbl settle at $ 47.83/bbl. The recent price increase notwithstanding, the market is still wary of a steep drop in oil prices as evidenced by increased number of put options being purchased by various traders. In other news, it is being heard…
Read MoreCrude Oil The bulls reigned supreme as crude rebounded smartly on the back of bullish DOE weekly inventory data which saw drawdown in Crude, Gasoline and Distillates. Brent increased by $ 1.49/bbl to settle at $50.22/bbl while WTI increased by $1.45 /bbl to settle at $ 47.33/bbl. With Brent closing above the psychological $50 mark, we can look for some more upside in prices. However, the OPEC Meeting on 25th May 2017 will be a…
Read MoreCrude Oil The bears got the better of the bulls yesterday with oil prices falling slightly. Brent fell by $ 0.61/bbl to settle at $48.73/bbl while WTI fell by $0.75 /bbl settle at $ 45.88/bbl. Bullish news that OPEC may consider extending production cuts right uptill the end of 1Q2018 was encapsulated by bearish news of Nigeria expecting to shortly restart the Forcados export terminal (one of Nigeria’s largest) and Libya continuing to increase production…
Read MoreCrude Oil Oil prices ended the trading session marginally higher on Monday supported by market talk that Saudi Arabia and Russia appear to be in favour of extending the output cuts till the end of 2017. Brent rose by $ 0.24/bbl to settle at $49.34/bbl while WTI rose by $0.41 /bbl settle at $ 46.63/bbl. Although the chart is beginning to show some signs of a reversal (going by the action in the last 3…
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