Crude Oil Oil prices edged higher on Tuesday, but were unable to sustain the highs of the day. Brent crude futures rose 9 cents to settle at $66.67 a barrel. WTI crude futures rose 8 cents to settle at $56.79 a barrel. During the day, prices spiked in reaction to Saudi Arabia’s plans to cut its crude oil exports next month to below 7 mb/d, while keeping its output well below 10 mb/d. In the…
Read MoreCrude Oil Oil prices rose more than 1 percent on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June. Brent crude futures were up 84 cents to settle at $66.58 a barrel. WTI crude futures rose 72 cents to settle at $56.79 a barrel, a 1.28 percent.. Falih told Reuters on Sunday it would be too early to change the production curb pact…
Read MoreCrude Oil Oil prices fell about 1 percent on Friday after disappointing U.S. job growth revived concerns about a slowing global economy and weaker demand for oil. Brent Crude futures fell 56 cents to settle at $ 65.74 /bbl. WTI also gave up 59 cents to settle at $56.07 a barrel. Prices however took heart from Baker Hughes numbers showing that the number of active rigs fell further by 9 to 834 rigs. This…
Read MoreCrude Oil Crude oil futures continued to rise but the gains were muted. Brent crude futures gained 31 cents to settle at $66.30 a barrel. U.S. crude gained 44 cents to settle at $56.66 a barrel. The uncertainty gripping the market can be highlighted by the fact that yesterday’s low of $65.74 was reached after the high of $ 67.00. Venezuela’s state-run oil company PDVSA this week declared a maritime emergency, citing trouble accessing tankers…
Read MoreCrude Oil Crude oil futures were mixed on Wednesday after DOE data showed an unexpectedly sharp build in crude inventories and a third straight drop in gasoline stocks. Brent crude futures gained 13 cents to settle at $65.9 a barrel. U.S. crude, however, settled 34 cents lower at $56.22 a barrel. We would attribute the positive close on Brent to a continued clinging on to the hope of the US China trade talks fructifying. Nevertheless,…
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