Oil Price Digest

Crude Oil  Oil prices rebounded from earlier losses to end higher on Wednesday, after the U.S. Energy Department said oil inventories rose for the first time in nearly three months.  Brent crude futures for March delivery rose 3 cents to settle at $ 69.02 /bbl.  WTI gained 23 cents to close at $64.73 /bbl.  A significant build of over 6 million barrels of crude led to an initial dip in prices. However, it was offset…

Crude Oil Oil prices dipped for a second straight day on Tuesday, driven by ongoing evidence of rising U.S. crude output, while wary investors sold off stocks, bonds and commodities. Brent crude futures for March delivery settled 44 cents lower at $ 69.02 /bbl, after dipping to a low of $ 68.40. WTI fell by $ 1.06 , to close at $64.40 /bbl.  Profit booking appeared to be the story in all markets as a…

Crude Oil Oil prices settled lower on Monday, pressured by a strengthening dollar and rising U.S. crude output, but prices remained on track for the biggest January increase in five years. Brent crude futures for March delivery settled down $ 1.06,to $ 69.46 /bbl, after rallying to a session high of $ 70.64. WTI fell 58 cents, to close at $65.56 /bbl.  There were no other drivers to the market which is already overheated and…

Crude Oil Oil prices ended Friday’s session close to their strongest level since late 2014 drawing support from a weakening U.S. dollar, which on Friday hit new three-year lows against a basket of other leading currencies. Brent gained 10 cents to close at $70.52 /bbl. WTI gained 63 cents to settle at $66.14 /bbl.  With the March Brent future expiring in the next couple of days, the Brent – WTI spread has narrowed significantly. The Brent…

Crude Oil Oil retreated late on Thursday as the U.S. dollar rebounded from early losses and strengthened, denting support for the latest crude rally, but tight U.S. supplies limited the commodity’s decline. Brent futures settled 11 cents lower at $70.42 /bbl. WTI eased 10 cents to settle at $65.51 /bbl.  The U.S. dollar rose against a basket of currencies after President Donald Trump said he wanted a “strong dollar.” A day earlier, the greenback tumbled…