Oil Price Digest

Crude Oil Crude oil prices continued its climb to settle higher on Wednesday even as the weekly U.S. Inventory data released yesterday was a mixed bag with crude oil inventories declining and product inventories rising. While WTI settled 61 cents higher at $ 63.57 /bbl ,its highest settlement since December 2014, Brent settled 38 cents higher at $ 69.20 /bbl after touching a session high of $ 69.37 /bbl. While market participants are increasingly growing wary…

Crude Oil Crude oil prices soared as markets expected, and were granted another huge draw in crude stocks. Brent moved up $ 1.04 to settle at $68.82 /bbl. WTI crude futures also gained $ 1.26 and settled at $62.96 /bbl. Both futures are now at their highest levels since December 2014. The impact of the API report has carried over into the Asian morning today with Brent quoting at $ 69.17 and WTI at $ 63.45,…

Crude Oil Crude oil prices stayed firm yesterday even as moving higher appeared to be an uphill task. Brent crude futures, settled 16 cents higher at $67.78 /bbl. WTI crude futures rose 29 cents to settle at $61.73 /bbl. As of now, the bulls hold sway over the market. However, there appear to be a number of clouds looming over the horizon.  One area of concern, particularly in Asia, is that of refining margins. The refining…

Crude Oil Crude oil prices finally had a day of correction after a strong rally. Brent crude futures, settled 45 cents lower at $67.62 /bbl. WTI crude futures eased 57 cents to settle at $61.44 /bbl. Not much fresh has happened over the weekend in terms of geopolitical unrest. But prices could well be supported by the report that the oil rig count fell by 5 to 742 rigs last week. Technical Analysis Bullish Divergences have…

Crude Oil Crude oil prices had another up day as traders chose to focus on another huge crude draw in the US. Brent crude futures, settled $ 0.23 higher at $68.07 /bbl. WTI crude futures also gained 38 cents to settle at $62.01 /bbl. While the crude draw was undoubtedly large, it was more than compensated by an equally large product build more or less neutralizing the crude draw. Nevertheless, the market preferred to stay invested…