Oil Price Digest

Crude Oil The Brent – WTI spread continued to widen as Brent settled marginally (18 cents) higher at $63.41 /bbl while WTI settled 14 cents lower at $57.16 / bbl. The difference in the direction of settles underpins the major causes driving the respective markers. While the Brent future is primarily affected by the Forties shutdown, the WTI future reflects the growth in US production and also the general sentiment as regards shortage of crude supplies.…

Crude Oil Oil settled on a mixed note on Friday, with prices notching their third-consecutive weekly loss amid concerns over rising production in the U.S.  Brent eased 8 cents to at $63.23 /bbl while WTI settled up 26 cents to settle at $57.30 / bbl. Both Brent and WTI however, posted their third straight weekly loss with Brent easing 0.3% and WTI 0.1%. Speculators cut their long positions in WTI futures and options for the 2nd…

Crude Oil Oil prices rose and settled higher on Thursday even as the market was devoid of any fresh news that could provide a clear direction. WTI settled up 44 cents at $57.04 /bbl while Brent settled up 87 cents at $63.31 /bbl. In other news, The International Energy Agency (IEA) recently published a report stating that it expects 2018 to be “a closely balanced market” with a surplus of about 200,000 bbls per day in the first half of…

Crude Oil Crude prices continued correction after the market perceived the data released by DOE as bearish. Brent settled 90 cents lower at $62.44 /bbl. WTI gave up 54 cents to settle at $ 56.60 /bbl Crude prices had another volatile day yesterday with Brent moving up to as $64.32 before settling close to the low, which was almost $ 2 /bbl lower at $ 62.30. The market started the day on an optimistic note…

Crude Oil Crude prices finally corrected after three days of strong gains. Brent settled at $63.34 /bbl, $ 1.35 lower. WTI eased 85 cents to settle at $ 57.14 /bbl The Crude Market had a roller coaster ride yesterday, highlighted by an intraday range of over $2.60 in Brent. The market started the day on extremely firm footing amid repercussions of the outage on the Forties pipeline – Feb Brent pierced the $65 level for…