Crude Oil Oil prices rose mainly assisted by a weaker US Dollar. Brent futures gained 25 cents to settle at $ 65.79 /bbl. WTI rose 3 cents to settle at $ 62.60 /bbl. The range for the day was relatively less than what we have been used to seeing over the past few weeks with Brent making a low of $65.30 and a high of $ 66.16/bbl. This has been the highest level seen in…
Read MoreCrude Oil Oil prices were ‘talked up’ from the sidelines of the CERAWeek Energy conference by OPEC. Brent futures gained $ 1.17 to settle at $ 65.54 /bbl. WTI rose $ 1.32 to settle at $ 62.57 /bbl. During the day, at the CERAWeek conference, various dignitaries from the OPEC pointed out (fairly valid) issues like Venezuela’s output was running 1.5 mb/d short of its historical peak and there were issues about production levels returning…
Read MoreCrude Oil Oil prices recovered a bit on Friday aided by a weak US Dollar and a late afternoon recovery in stock markets. Brent futures gained 54 cents to settle at $ 64.37 /bbl. WTI also gained 26 cents to settle at $ 61.25 /bbl. During the US trading day however, crude spent most of the time in the negative zone after President Trump said he would levy tariffs on aluminium and steel imports causing…
Read MoreCrude Oil Oil prices continued to fall on Thursday making two week lows on settles. Brent futures fell by 91 cents to settle at $ 63.83 /bbl. WTI lost 65 cents to settle at $ 60.99 /bbl. The sentiment in the market continues to stay bearish notwithstanding the continued fall in stocks at Cushing. At below 30 million barrels, these levels are the lowest since the last week of 2014. Notwithstanding this drop, crude…
Read MoreCrude Oil Oil prices crashed on Wednesday after a bearish DOE report on US inventories. Brent futures for May (which becomes front month today), fell by $ 1.79 to settle at $ 64.74 /bbl. WTI lost $ 1.37 to settle at $ 61.64 /bbl. Adding to the woes of bulls was a report released by the EIA which revised crude production figures in November to a record 10.057 million barrels per day. However a reduction…
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