Crude Oil Crude oil prices ended up remarkably well supported on the prospects of an extension of the period of reduced supply. Brent settled 6 cents higher at $ 52.99 / bbl. The WTI contract, which expires today ended 17 cents lower to settle at $ 50.27 /bbl respectively. There is a severe tug of war going on between bulls and bears at this stage about what the OPEC is going to do and the…
Read MoreCrude Oil As mentioned by us yesterday, a build in gasoline severely crimped the bullish sentiment. Brent settled $1.96 lower at $ 52.93 / bbl. WTI corrected by the same magnitude; $ 1.97 to settle at $ 50.44 /bbl respectively. DOE DataThe US department of Energy reported that Crude stocks in the US drew by 1 million barrels. This was significantly lower than market expectations of 1.9 million barrels. Diesel drew by 2.0 million barrels…
Read MoreCrude Oil Oil prices continued to correct as markets assimilated the EIA report over the weekend. Brent settled 47 cents lower at $ 54.89 / bbl. WTI corrected by much less; just 24 cents to settle at $ 52.41 /bbl respectively. Post the trading session the American Petroleum Institute reported startlingly that gasoline inventories built by 1.4 million barrels. While crude oil drew by 840 Kb, this was less than expected. Distillate stocks drew by…
Read MoreCrude Oil Oil prices were settled in the negative zone for the first time in two weeks amid thin trading as Europe was closed. Both Brent and WTI futures settled 53 cents lower at $ 55.36 / bbl and $ 52.65 /bbl respectively. The drop was primarily attributed to reports by the EIA that shale oil production in May would increase by 123 kbpd, the largest monthly increase in two years. There would also be…
Read MoreCrude Oil Oil prices were little changed amid modest volumes on the last day of a shortened week. Brent futures rose by 3 cents to $ 55.89 / bbl while WTI rose 7 cents to settle at $ 53.18 /bbl. While Thursday was markedly muted, the week belonged to the bulls. Oil has recouped almost the entire price loss it encountered in March. In terms of market outlook too, the bullishness persists. CFTC data revealed…
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