Crude Oil Crude prices continued their strong rally yesterday in what the market regarded as bullish indications from stock reports. Brent rose by $ 1.09 / bbl to settle at $ 51.33 / bbl. WTI rallied by $1.14 /bbl to settle at $ 49.91 /bbl. DOE Data The DOE, in its weekly report of US stocks yesterday reported crude stocks had increased by 867 kb. Gasoline drew by 3.7 million barrels while distillate stocks fell…
Read MoreCrude Oil Crude prices rallied strongly yesterday. Brent settled at $ 51.33 / bbl, up 58 cents on the day. WTI rose by 64 cents to settle at $ 48.77 /bbl. The immediate reason given for this rise was reports that Libyan production of 252 kbpd would be curtailed due to the actions of armed protesters. This was tagged to the possibility of an extension in the OPEC production cuts. This price action gives us some good…
Read MoreCrude Oil Crude prices tested the support at $ 50/bbl for Brent and rebounded from there to finish marginally lower. Brent settled at $ 50.75 / bbl, 5 cents lower, while WTI settled 24 cents lower at $ 47.73 /bbl. Funds still remain uncertain about the direction of oil prices. Yesterday’s rally from the lows was reported to be a reaction to the possibility that OPEC may extend its production cuts. While the market appears…
Read MoreCrude Oil Crude prices continued their consolidation on Friday as the market awaits the result of the OPEC review meeting slated for the weekend. Brent settled at $ 50.80 / bbl, up 24 cents on the day while WTI settled 27 cents higher at $ 47.94 /bbl. The drop for the week was 96 cents for Brent and 84 cents for WTI respectively. Before we look at the weekend data, a quick recapt of what has been…
Read MoreCrude Oil Crude prices are still holding out for late signs of stock drops or any other bullish factor. Brent settled at $ 50.56 / bbl, lower by just 8 cents on the day. WTI settled at $ 47.70 /bbl., or 34 cents lower. As we head into the weekend the market awaits the Baker Hughes rig count which should not really show a drop even if a significant rise is not seen. Markets are also anxiously…
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