Crude Oil After an early morning sell off which drove crude a low of $ 46.64 / bbl, traders covered some of their shorts for the weekend resulting in Brent closing at $49.10/bbl, up 70 cents on the day. WTI too gained 70 c/bbl to settle at $ 46.12/bbl. Friday’s price action may be described as a typical Friday session after a huge drop. Traders were basically covering their short positions over the weekend. As of…
Read MoreCrude Oil Oil prices plunged to five-month lows on Thursday amidst fears that the supply glut could worsen with analysts predicting that non-OPEC members may struggle to continue with production cuts. Brent dropped by a considerable $ 2.41/bbl to settle at $48.38/bbl while WTI lost $2.30 /bbl settle at $ 45.52/bbl. On Wednesday, the psychological support of $ 50 /bbl of Brent crude managed to contain prices following bearish DOE data. However, once the support…
Read MoreCrude Oil Crude oil closed marginally higher after trading near its lowest since late March on the back of bearish US Stock data that showed a lower than expected decline in U.S. inventories. Brent rose by $ 0.33/bbl to settle at $50.79/bbl while WTI gained $0.16 /bbl settle at $ 47.82/bbl. Post the bearish data, Brent prices dipped from around $ 50.80 to test lows at $50.20-$50.30 levels. After a couple of attempts, prices rose…
Read MoreCrude Oil Crude Oil broke through the strong technical support of the 200 day moving average as funds bailed out of long positions on bearish news. Brent fell by $ 1.06/bbl to settle at $50.46/bbl while WTI lost $1.18 /bbl settle at $ 47.66/bbl. The fall was attributed to news of rising output from the US, Canada and Libya which we had mentioned in yesterday’s Oil Price Digest and news of a drop in compliance of…
Read MoreCrude Oil Crude Oil closed marginally higher on Friday as traders squared off shorts for the weekend. Brent settled at $ 52.05 / bbl. WTI fell by 37 cents to settle at $ 49.33 /bbl. With Singapore and London closed for the Labor day holiday on Monday, traders were happy to sell in the market bringing prices lower. The sell off was caused by reports that Libyan production had increased to above 760 kbpd, the…
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