Crude Oil Oil prices fell on Monday as markets absorbed the impact of the increase in production by OPEC. Brent crude fell 82 cents to settle at $74.73 a barrel. WTI settled 50 cents lower at $68.08 a barrel. Libya has handed control of oil ports in the east to a state unit in Benghazi, which rivals the internationally-recognised NOC based in Tripoli.General Ahmed al-Mesmari said, “all oil facilities, all oil ports – not just…
Read MoreCrude Oil Markets reacted extremely positively to a statement by OPEC that it would seek to maintain 100% compliance with quotas. Brent crude rose $2.50 to settle at $75.55 a barrel. U.S. West Texas Intermediate crude for August delivery, the new front month, rose $ 3.04 to $68.58 a barrel. Saudi Aramco made a statement that the effect of adherence to the cuts would have the effect of releasing 1 mb/d of crude to the…
Read MoreCrude Oil Brent crude fell more than 2 percent on Thursday ahead of a meeting of the Organization of the Petroleum Exporting Countries, where producers were expected to boost output to stabilise prices. Brent crude fell $1.69 to settle at $73.05 a barrel. U.S. West Texas Intermediate crude for August delivery, the new front month, fell 17 cents to $65.54 a barrel, and was down 68 cents from the July contract’s expiry on Wednesday at…
Read MoreCrude Oil The uncertainty in oil prices continued to affect the markets, but this was expressed more in the WTI- Brent Spread rather than flat price per se. Brent crude futures settled 34 cents lower at $ 74.74/ bbl. The expiring WTI future settled $ 1.15 higher at $ 66.22. The August future settled at $ 65.71 /bbl. Brent’s fall can be attributed to the uncertainty regarding OPEC output while the US rise was more…
Read MoreCrude Oil Oil prices stayed volatile in the run up to the OPEC meeting on 22 June. Brent crude futures settled 26 cents lower at $ 75.08 / bbl. WTI futures settled 78 cents lower to settle at $ 65.07 /bbl. WTI’s crude’s discount to Brent continued to widen reflecting market expectation of just a notional increase in supply. Libya has lost around 400 kb/d of oil output due to the recent militant attacks on oil…
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