Crude Oil Crude oil futures finally gave way to the onslaught of relentless product builds notwithstanding extensive production cuts. Brent lost $2.81 to settle at $ 53.11 / bbl. WTI lost $2.86 cents to settle at $ 50.28 /bbl. These are the lowest levels crude prices have seen this year. The immediate cause for the drop was the stock data released by the EIA This drop has seen crude prices break a lot of technical supports…
Read MoreCrude Oil Crude oil futures finally gave way to the onslaught of relentless product builds notwithstanding extensive production cuts. Brent lost $2.81 to settle at $ 53.11 / bbl. WTI lost $2.86 cents to settle at $ 50.28 /bbl. These are the lowest levels crude prices have seen this year. The immediate cause for the drop was the stock data released by the EIA This drop has seen crude prices break a lot of technical supports…
Read MoreCrude Oil Crude oil Futures were largely fighting to stay above the previous settle for most of the US trading day yesterday. Though they eventually buckled under, the future of crude prices is still hanging in the balance. Brent lost 9 cents to settle at $ 55.92 / bbl. WTI lost 6 cents to settle at $ 53.14 /bbl. Saudi Energy minister Khalid al-Falih said yesterday that the cuts had helped reduce the imbalance, albeit a lot…
Read MoreCrude Oil Crude oil Futures showed mixed reactions yesterday. While Brent gained 11 cents to settle at $ 56.01 / bbl. WTI lost 13 cents to settle at $ 53.20 /bbl. The support for Crude oil ostensibly came from a statement out of Iraq that it would support the production cuts if they were extended. We are frankly a bit flummoxed by this statement. As per the original deal, Iraq was supposed to cut 210 Kbpd. It…
Read MoreCrude Oil Crude oil recovered a significant part of Thursdays fall. Brent gained 82 cents to settle at $ 55.90 / bbl. WTI gained 72 cents to settle at $ 53.33 /bbl. The recovery has been attributed to the weakening of the dollar on Friday afternoon post a speech by Janet Yellen. Traders were also concerned about possible reduction of supply out of Libya where an armed faction has reportedly taken control of two major oil…
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