Crude Oil Crude prices retraced on Monday giving up more than they had gained on Friday. Brent closed $ 1.28 lower at $ 62.45 /bbl whereas WTI lost 89 cents to settle at $ 57.47 /bbl The major reason for the drop would seem to be profit taking in the face of multiple cautionary signals appearing over the weekend. Fundamentally, US production has always raised a question mark to the theory of rebalancing. While bears…
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Crude Oil Crude prices continued their strong bullish run with Brent Feb future settling $ 1.10 cents higher at $ 63.73 / bbl. WTI settled at $58.36 /bbl., gaining 96 cents on the day. Oil finished higher on Friday, with prices climbing back toward their best level since July 2015 after OPEC and other crude producers agreed to extend existing output cuts until the end of 2018 to tighten global supplies. At one point in…
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Crude Oil Crude prices ticked up higher after the OPEC announcement regarding extension of production cuts. The Jan Brent future, which expires today, closed 47 cents higher at $63.57 /bbl. The Feb future however settled just 10 cents higher at $ 62.63 / bbl. WTI settled at $57.40 /bbl., also gaining 10 cents on the day. Although the 9-month extension is in line with, if not slightly more bullish than market expectation, oil prices sold…
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Crude Oil Crude prices continued their downward movement on the back of bearish DOE data. Brent closed 50 cents lower at $63.1 /bbl. WTI settled at $57.30 /bbl., 69 cents lower for the day. Apart from the DOE data, the market was also disappointed by conflicting messages coming from various oil ministers from the OPEC block. Crude futures hit a session high after Kuwait’s Oil Minister Essam al-Marzouq said a key monitoring committee recommended extending…
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Crude Oil Crude prices continued to retrace as the reopening of the Keystone pipeline became more apparent. Brent, eased 23 cents to close at $63.61 /bbl. WTI gave up 12 cents to settle at $57.99 /bbl. The Keystone pipeline is now operating at 20% reduced pressure. There is no timeline on when it will return to full capacity. The fall may well have been steeper were it not for news of a fire at Exxon…
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