Crude Oil Oil prices climbed to their highest level in three weeks on Tuesday as tension in the Middle East and the possibility of further falls in Venezuelan output helped offset the impact of growing U.S. crude production. Brent crude futures for May delivery rose $1.37 to $67.42 / bbl. The May U.S. crude futures rose $1.41 to settle at $63.54 /bbl. The WTI April future expired yesterday at $63.40 Saudi Arabia add fuel to…
Read MoreCrude Oil Oil prices slipped on Monday as Wall Street slid more than 1 percent and energy market investors remained wary of growing crude supply, although tensions between Saudi Arabia and Iran gave prices some support. Brent crude futures dropped 16 cents to settle at $66.05 a barrel. WTI eased 28 cents to settle at $62.06/bbl. The WTI crude future for April expires tomorrow. A 0.25% rate hike is expected when the FOMC meets later…
Read MoreCrude Oil Oil prices jumped on Friday as traders focused on possible disruption in supplies due to political tension in the Arab Gulf. Brent futures rose $1.09 to settle at $66.21 /bbl. WTI gained $1.15 to settle at $62.34/bbl. The WTI crude future for April expires tomorrow. Remarks on Thursday by Saudi Arabia’s Crown Prince Mohammed bin Salman added to geopolitical tensions after he warned that his country would seek to develop a nuclear bomb…
Read MoreCrude Oil Oil prices edged higher in choppy trade on Thursday after the International Energy Agency said global oil demand is expected to pick up this year, but warned supply is growing at a faster pace. Prices notched their second consecutive day of gains, as both Brent and WTI closed 23 cents higher at at $ 65.12 /bbl and $ 61.19 /bbl respectively. The market is caught in between pressures caused by the OPEC production cuts,…
Read MoreCrude Oil Oil prices managed to close higher on Wednesday after choppy trade earlier in the day due to mixed DOE weekly inventory data which saw a higher than anticipated build in U.S. crude inventories being offset by large distillate and gasoline inventory draws. Both Brent and WTI settled 25 cents higher at $ 64.89 /bbl and $ 60.96 /bbl respectively. Exerting pressure on crude prices was the latest announcement by the OPEC cartel of an…
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