Crude Oil Oil prices fell on Friday as concerns about surging U.S. output and falling demand in China weighed on the market. Brent crude futures dropped 86 cents to settle at $76.46 /bbl. WTI futures fell 21 cents to settle at $ 65.74 /bbl For the week, WTI logged a small loss of 0.1%, its third weekly decline. Brent shed 1.1% to log its 2nd second decline in three weeks. China’s May crude imports fell…
Read MoreCrude Oil Oil prices rose on Friday, driven up as Venezuela struggles to meet its supply obligations. Brent crude futures jumped $ 1.96 to settle at $77.32 /bbl. WTI futures rose $ 1.22 cents to settle at $ 65.95 /bbl The rise in Brent prices is probably exacerbated due to buying of the Brent WTI spread. For now both Venezuela and Iran are appealing to OPEC to protest against the sanctions. If OPEC lends a…
Read MoreCrude Oil Brent crude managed to stay steady notwithstanding extremely bearish DOE data. Brent crude futures dropped just 2 cents to settle at $75.36 a barrel. WTI futures fell 79 cents to settle at $ 64.73 /bbl The European Commission said it has designed new rules to protect EU firms dealing with Iran from US sanctions. In addition, they have formally added the US sanctions to EU’s blocking statute, which will be passed into law if…
Read MoreCrude Oil Brent crude reversed losses on Tuesday, after hitting its lowest price in nearly a month following a report the U.S. government asked Saudi Arabia and other major exporters to increase oil output. Brent crude futures rose 9 cents to settle at $75.38 a barrel. WTI futures rose 77 cents to settle at $ 65.22 /bbl On Tuesday, Bloomberg reported the U.S. government had asked the producers to increase oil production by about 1…
Read MoreCrude Oil Oil prices continued their retracement yesterday as prospects increased supply continued to weigh on managed money. Brent crude futures dropped $1.50 to at $75.29 /bbl. U.S. West Texas Intermediate (WTI) crude futures fell by $ 1.06 to settle at $64.75 /bbl. We expect that barring fresh news, the current rally has run out of steam. The first direction will come late tonight with the API data. Naphtha Asia’s naphtha crack recovered to a…
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