Crude Oil Oil prices rose about one percent on Tuesday on partial production shutdown in the Gulf of Mexico because of Hurricane Michael. Brent crude settled rose $ 1.09 at $85.00 a barrel. WTI crude futures gained 67 cents to settle at $74.96 a barrel. Saudi Arabia, the biggest producer in the Organization of the Petroleum Exporting Countries, last week said it would increase crude output next month to 10.7 million bpd, a record. Iranian Oil…
Read MoreCrude Oil Oil prices recovered almost all the losses of the day on a variety of stimuli. Brent crude settled just 25 cents lower at $83.91 a barrel. WTI crude futures lost just 5 cents to settle at $74.29 a barrel. Earlier in the day, prices had plummeted with Brent making a low of $ 82.66 before support kicked in. Oil prices got a boost from a new report showing a small drop in oil inventories…
Read MoreCrude Oil Oil prices continued to retrace on Friday after hitting a 4 year high of $86.74 on Wednesday. Brent crude fell 42 cents to settle at $84.16 a barrel. WTI crude futures was almost unchanged at $74.34 a barrel, up one cent. WTI’s weekly gain was about 1.3 percent while Brent’s was around 1.4 percent. Price gains this week were limited by Saudi Arabia and Russia’s saying they would raise output to at least partly…
Read MoreCrude Oil Oil prices retraced on Thursday giving up all the gains of the previous day and some more as there appeared to be no further bullish impetus. Brent crude lost $ 1.71 to settle at $84.58 a barrel. WTI crude futures lost $ 2.07 to settle at $74.33 a barrel. Yesterday’s loss does not take out the fundamentally bullish sentiment in the market as it awaits the impact of the impending sanctions on Iran. The…
Read MoreCrude Oil Oil once again surged on Wednesday ignoring surprisingly bearish data on US inventories. Brent crude gained $ 1.49 to settle at $86.29 a barrel. WTI crude futures added on $ 1.17 to settle at $76.40 a barrel. There appears to be absolutely no fresh news that would have given support to this spurt in prices. Saudi Arabia’s energy minister reiterated that the kingdom will readily increase production to support market stability as required, and has…
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