Crude Oil The underlying bullish sentiment was highlighted yesterday when, in the face of bearish EIA data, crude prices still managed to end in the positive territory. Brent futures settled 19 cents higher $ 54.36 / bbl while WTI settled at $ 51.15 /bbl. Prices were supported by reports of a continued outage in the Buzzard fields in the North Sea. DOE Data The DOE reported a surprise build of 1.6 million barrels against an…
Read MoreCrude Oil Crude prices resumed their upward climb today with Brent futures adding $1.05/bbl to settle at $ 54.17 / bbl. WTI rose by 79 cents to $ 51.03 /bbl. The immediate reason for the move was an unplanned production outage in the North Sea. The skittishness of the market pushed prices over the 100 day Moving Average of 53.75, a technically strong resistance. All this action took place after Brent had breached the $…
Read MoreCrude Oil Crude prices finally took a breather yesterday after 4 consecutive up days. Brent futures settled at $ 53.12 / bbl, 41 cents lower. WTI declined by 36 cents to $ 50.24 /bbl. The markets appear to have been somewhat relieved by the resumption of crude pumping in Libya. However, the $ 53 /bbl level, which we have mentioned as a support, was never seriously tested, indicating that this may be more of a correction…
Read MoreCrude Oil Crude oil ended the week strongly with a fourth day of solid gains. The June Brent future (which becomes the front month today) settled at $ 53.53 / bbl. The May future expired 13 cents lower at $ 52.83/bbl. WTI settled 25 cents higher at $ 50.60 /bbl. The market is hearing more and more news of stronger compliance with production cuts . Talks of extending these cuts has been going on all…
Read MoreCrude Oil Good news for crude bulls helped prices up for a third straight day. Brent rose by 54 cents / bbl to settle at $ 52.96 / bbl. WTI rose by 84 cents to settle at $ 50.35 /bbl. Brent prices may have been affected due to its impending expiry today. The drivers for the move were primarily news that Russia has reduced its production by 100 kbd more to a total of 200…
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