Crude Oil Oil fell as equities fell, erasing earlier gains driven in part by the firing of U.S. Secretary of State Rex Tillerson. Brent futures dropped 31 cents to settle at $ 64.64 /bbl. WTI fell 65 cents to settle at $ 60.71 /bbl. U.S. shale output will climb by 131,000 barrels per day next month to hit 6.954 million barrels per day according to a new report by the Energy Information Administration. The Permian…
Read MoreCrude Oil Oil prices pulled back yesterday as basic fundamentals of oversupply continued to worry the markets. Brent futures gave up 54 cents to settle at $ 64.95 /bbl. WTI fell 66 cents to settle at $ 61.36 /bbl. China’s NEA has set its 2018 crude production target at 3.82 mb/d, largely unchanged from 2017 output. This implies that China must arrest the decline in output that has happened over the past few years, with…
Read MoreCrude Oil Oil prices rallied sharply on Friday, mainly reacting to strong US jobs data helping overcome the fears of an interest rate hike. Brent futures jumped $ 1.88 to settle at $ 65.49 /bbl. WTI too surged by $ 1.92 to settle at $ 62.04 /bbl. Also helping sentiment was US President Donald Trump’s comments that tariff exemptions would be granted for “real friends”, easing concerns that a full-blown trade war may soon emerge.…
Read MoreCrude Oil Oil prices continued to fall with the fall being attributed to a variety of reasons. Brent futures fell 73 cents to settle at $ 63.61 /bbl. WTI fell by $ 1.03 to settle at $ 60.12 /bbl. The reasons being attributed to yesterdays falls are any / all of the below Strength in the US dollar Possibility of a global trade war stunting growth Possibility of a rise in stocks in Cushing. As…
Read MoreCrude Oil Oil prices crashed yesterday, once again for reasons that do not have much to do with supply demand fundamentals. Brent futures dropped $ 1.45 to settle at $ 64.34 /bbl. WTI also fell by the same quantum settle at $ 61.15 /bbl. On the day of the week when oil prices react most to data released by the DOE, that data was in general very close to market expectation and may have had…
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