Oil Price Digest

Crude Oil Crude prices continued inexorably higher with Brent posting a third successive gain of $ 1 / bbl levels. Brent settled at $64.69 /bbl, $ 1.29 higher. WTI added on 63 cents to settle at $ 57.99 /bbl Crude prices moved up today as the Forties pipeline system shut for repairs and news of an explosion in New York affected market sentiments. Prices broke through the third resistance mentioned in our OPD technical analysis…

Crude Oil Crude prices seemed to have resumed their upward trend over the past two days after Wednesday’s setback post DOE data. Brent posted a second gain  around a dollar plus to settle $63.40 /bbl, $ 1.20 higher. WTI gained 67 cents to settle at $ 57.36 /bbl Market sentiment was buoyed by  data showing China’s oil imports rose to 9.01 million bpd last month, the second highest on record, data from the General Administration of…

Crude Oil Crude prices recaptured some of Wednesday’s losses yesterday. Brent closed $ 0.98 higher at $62.20 /bbl. while WTI also recovered 73 cents to settle at $ 56.69 /bbl   Nigeria’s white-collar union for oil and gas workers may begin indefinite strikes on 18 December due to “unfair labour practices” resulting in “mass sacking of workers that joined the union” at some exploration companies. The union urged locals to “stockpile adequate quantity of premium motor spirit and…

Crude Oil Crude prices crashed on Wednesday in the face of bearish DOE data. Brent closed $ 1.64 lower at $61.22 /bbl. WTI also lost $ 1.66 to settle at $ 55.96 /bbl Both crudes lost over 2.5% yesterday. For WTI, it was the largest one day drop in more than two months and the lowest settle since November 16. For Brent it was the lowest settle since November 2. This drop will put something…

Crude Oil Crude prices closed higher on Tuesday in anticipation of bullish API data. Brent closed 41 cents higher at $ 62.86 /bbl and WTI 15 cents higher at $ 57.62 /bbl The push and pull between tightening supplies and increasing production will continue for a while, it would seem. However, the rising prices may also have another effect viz, putting a lid on demand. Both Saudi and ADNOC have raised crude oil prices for…