Crude Oil Crude prices closed in opposite directions on Monday with Brent settling 36 cents lower at $63.16 /bbl and WTI gaining 2 cents to close at $56.76 /bbl. Market appears to be caught between bullish and bearish developments with neither side being able to considerably outweigh the other. Whilst the rising production in the U.S. was weighing in on prices, ongoing tensions in the Middle East and record long bets by fund managers was providing support…
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Crude Oil Although crude prices closed lower on Friday, both Brent and WTI have risen by more than 2 % last week, which is now the fifth consecutive increase. Brent fell 41 cents to settle at $63.52 /bbl while WTI lost 43 cents to settle at $56.74 /bbl. Earlier last week, Brent rose to $64.65 /bbl, its highest since June 2015, and WTI touched $57.92 /bbl, its highest since July 2015. Technical Analysis Technical indicators applied to…
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Crude Oil Crude Oil prices resumed their upward movement after a gap of two days. Brent settled 44 cents higher at $63.93 /bbl. WTI also rose 46 cents to settle at $57.27 /bbl. The goings on in Saudi Arabia remain a cause for concern. And given the amount of crude the kingdom provides to the world, uncertainty there could certainly cause havoc in the supply demand balance for oil. So far all the action has…
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Crude Oil Crude Oil prices continued their retracement after a surprise build in DOE crude stock data. Brent settled 20 cents lower at $63.49 /bbl. WTI eased 39 cents to settle at $56.81 /bbl. The bearish DOE data was supplemented by a reported decline in China’s crude imports for October to just 7.3 million barrels from a near record 9.3 million barrels in September. This was likely due to Golden week holiday as well as some…
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Crude Oil Crude Oil prices retraced a little after two days of major gains. Brent settled 59 cents lower at $63.69 /bbl. WTI lost only 15 cents to settle at $57.20 /bbl. The power consolidation games in Saudi Arabia may well have spooked market players about stability of supplies. However, the long term impact of the goings on in the country are likely to be limited. The exaggerated movement in prices was also attributed to…
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