Crude Oil Oil fell on Tuesday, its first decline in five days, pressured by a firmer U.S. dollar and expectations that upcoming weekly data will show an increase in U.S. crude inventories. Brent futures settled at $66.63 /bbl, an 87 cent drop from Monday. WTI fell 90 cents to $63.01 /bbl. Crude prices slumped as upbeat remarks made during Fed Chair Jerome Powell’s first Congress testimony lifted US bond yields and the dollar. Notably, Powell…
Read MoreCrude Oil Oil rose on Monday, hitting three-week highs, supported by strong U.S. demand and comments from Saudi Arabia that it would continue to curb production in line with OPEC-led efforts. Brent futures gained 19 cents to settle at $ 67.51 /bbl. WTI also gained 36cents to settle at $ 63.91/bbl. Saudi Energy Minister, Khalid al-Falih, said on Saturday the country’s January-March crude production would be well below output caps, with exports averaging less than…
Read MoreCrude Oil Oil prices finished higher on Friday to score their second consecutive weekly gain, amid growing optimism that rebalancing in crude markets are well underway thanks to OPEC-led production cuts. Brent futures once again settled close to a dollar (92 cents) higher at $ 67.32 /bbl. WTI gained 78 cents to settle at $ 63.55. For the week, WTI crude rose nearly 3%, while Brent added about 3.8%, as both continue to claw back…
Read MoreCrude Oil Oil prices rose to two-week highs on Thursday, boosted by data showing a surprise draw in U.S. crude inventories combined with a drop in the do llar.. Brent futures settled 97 cents higher at $ 66.39 /bbl. WTI rose by $ 1.09 to settle at $ 62.77. The markets were quite volatile yesterday with WTI recording a range between $60.75 and $ 63.09 and Brent between $ 64.76 and $ 66.56. In other…
Read MoreCrude Oil Oil prices were little changed on Wednesday ahead of the data release by API. Brent futures settled 17 cents higher at $ 65.42 /bbl. The WTI April contract, which became the front month today settled 11 cents lower at $ 61.68. Fed officials were more positive on the US economic outlook in the latest FOMC minutes, citing “substantial underlying economic momentum”. A few members noted that they had marked up their near-term forecasts…
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