Crude Oil Oil prices ended higher on Wednesday ahead of the release of API data that was expected to show a ninth straight weekly draw down in crude inventories. Brent futures settled 23 cents higher at $69.38 a barrel while WTI crude gained 24 cents to $63.97 per barrel. . The API did not disappoint speculators with another large draw in crude. In the meanwhile, Kuwait’s energy minister said that OPEC had no plans to discuss…
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Crude Oil Crude Oil prices finally took a breather as traders appeared to take profits after failing to breach the $ 70 level. Brent settled $ 1.11 lower at $ 69.15 /bbl. WTI eased 57 cents to settle at $ 63.73. While oil is vulnerable to profit taking as hedge funds and money mangers have amassed a record number of bullish bets on U.S. crude, there is a strong bullish sentiment still running as evidenced…
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Crude Oil Crude Oil continued to push higher as bulls appeared to be testing stops and succeeding. Brent settled 29 cents higher at $ 70.16 /bbl. WTI added another 51 cents to settle at $ 64.81. There appears to be little news that is spurring the upward movement over the last few days. This movement therefore can only be attributed to momentum really. Naphtha The Asian naphtha physical crack once again tumbled to 4 and 1/2…
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Crude Oil Crude Oil prices settled higher for the fifth session in a row on Friday, holding near their strongest levels since late 2014 amid ongoing optimism that OPEC-led output cuts would continue to drain the market of excess supplies. Brent settled 61 cents higher at $ 69.87 /bbl. WTI settled 50 cents higher at $ 64.30. This is its highest settle since late 2014 Both markers posted strong weekly gains for the fourth week…
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Crude Oil Crude oil prices started the day on an upward trend and briefly touched $ 70 / bbl (Brent) before a huge sell off to end the day nearly unchanged. Brent settled 6 cents higher at $ 69.26 /bbl. WTI settled 23 cents higher at $ 63.80. It could be that yesterday’s rally was in anticipation of a negative decision by the Trump administration on Iran. Oil prices are expected to remain close to…
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