Crude Oil After staying in the red for most of the trading day, oil prices surged in the last couple of trading hours to close in positive territory. Brent futures gained 26 cents to settle at $73.62 /bbl while U.S. crude futures gained 49 cents to settle at $ 68.42 /bbl. The major causes of this surge can be attributed to a video released on YouTube and Twitter showing Iran’s foreign minister saying…
Read MoreCrude Oil Oil Prices held firm yesterday notwithstanding a bearish inventory report from the DOE. Brent futures gained 23 cents to settle at $73.36 /bbl while U.S. crude futures gained 68 cents to settle at $ 67.93 /bbl. While the DOE reported a huge build in crude stocks, the markets discounted the build as most of it was in the West Coast which is relatively distant from the US pipeline network. The markets…
Read MoreCrude Oil Oil Prices dipped yeterday in response to a strong US dollars and a possibility of resolution on the Iran issue. Brent crude oil futures dropped to settle at $73.13 /bbl down from $ 74.77 on Monday, while U.S. crude futures settled similarly lower at $ 67.25 /bbl. A part of this drop in Brent is attributable to a change in the front month yesterday While uncertainty still prevails about the US…
Read MoreCrude Oil Oil prices dipped on increasing US dollar strength and profit taking, but sentiment still remained strongly bullish. Brent crude oil futures eased 10 cents to settle at $74.64 /bbl, while U.S. crude futures shed 9 cents to settle at $ 68.10 /bbl. For the week, Brent gained 0.5%, its third straight week of gains. WTI however dropped 0.4% which is attributable to the change in front month last week. Over the weekend, French President…
Read MoreCrude Oil Oil prices gained on Thursday as the risk of renewed U.S. sanctions on Iran, plunging Venezuelan output, and robust global demand shook off the effects of a strong dollar. Brent crude oil futures gained 74 cents to settle at $74.74 /bbl, while U.S. crude futures gained 14 cents to settle at $ 68.19 /bbl. United States Defence Secretary,James Mattis told a Senate Armed Services Committee hearing that that the 2015 Iran nuclear deal was…
Read More