Crude Oil Oil prices fell about $1 on Thursday, with expectations building that reduced supplies from Venezuela and Iran could prompt OPEC to wind down output cuts in place since the start of 2017. Brent crude futures fell $1.01 to settle at $78.79 /bbl. U.S. West Texas Intermediate (WTI) crude futures fell $1.13 to settle at $70.71 /bbl. Russia’s energy minister said he would discuss gradually scaling back oil production cuts with OPEC in June. He…
Read MoreCrude Oil Brent moved surprisingly higher on Wednesday notwithstanding definitely bearish data released by the DOE. Brent rose 23 cents to settle at $ 79.80 /bbl. West Texas Intermediate crude fell 36 cents to $ 71.86 /bbl. We are unable to find any news that could explain the rise in Brent prices. However, the last 30 minutes of trade saw strong buying pushing prices at least 50 cents higher. This is all the more puzzling…
Read MoreCrude Oil Oil prices edged lower on Wednesday as the market took a breather on expectations OPEC may raise supplies as early as June, although geopolitical risks kept a floor under the market. Brent rose 35 cents to settle at $ 79.57 /bbl. West Texas Intermediate crude settled 11 cents lower at $ 72.13 /bbl. This dichotomy is probably due to expiry. OPEC may decide to raise oil output as soon as June due to…
Read MoreCrude Oil U.S. crude hit its highest level since 2014 on Monday amid rising concerns that Venezuela’s oil output could fall further following the country’s presidential election and potential sanctions on the OPEC-member nation. Brent crude futures gained 71 cents to settle at $79.22 a barrel. WTI crude also gained 96 cents to settle at $72.24 a barrel. Prices firmed further as U.S. President Donald Trump had discussions with Russia and China about…
Read MoreCrude Oil Oil prices fell on Friday, but Brent crude marked its sixth straight week of gains, boosted by plummeting Venezuelan production, strong global demand and looming U.S. sanctions on Iran. Brent crude futures fell 79 cents to settle at $78.51 a barrel. WTI crude futures fell 21 cents to settle at $71.28 a barrel. Oil prices climbed above $80 a barrel on Thursday for the first time since November 2014, before retreating on a…
Read More