Oil Price Digest

Crude Oil Oil prices went bust on Friday snapping a 5 week bull run. Brent settled $ 1.38 cents lower at $55.62 /bbl. WTI settled $1.50 lower at $ 49.29 /bbl. Market players just could not shake of concerns of crude oversupply even amid all the appropriate statements being made by producers. Nor could the impending impact of Tropical Storm Nate bearing down on the Gulf Coast over the weekend. Or the news that the…

Crude Oil Crude prices rose steadily in the New York day yesterday. Brent settled $ 1.20 cents higher at $57.00 /bbl. WTI settled 81 cents higher at $ 50.79 /bbl. Traders in the US reacted extremely positively to statements coming out of Russia that both Saudi and Russia are committed to control supply and are likely to do what it takes even if it means extending / deepening production cuts. While no commitments were made,…

Crude Oil Crude prices fell on Wednesday notwithstanding a draw in crude oil stocks. Brent settled 20 cents lower at $55.80 /bbl. WTI settled 44 cents lower at $ 49.98 /bbl. The draw in crude failed to enthuse market bulls for a variety of reasons which are elaborated on further in the blog. Adding to the bearish pressure was the resumption of operations at Libya’s Sharara fiel. DOE Data The DOE statistical report showed crude…

Crude Oil Crude prices ended marginally lower in a day of tentative trading. Brent settled 12 cents lower at $56.00 /bbl. WTI too settled 16 cents lower at $50.42 /bbl. Uncertainty, coupled with a bit of scepticism was the flavor of the market yesterday as traders mulled over the possible impact of higher prices on US production. Traders therefore appeared to looking to take profits and then looking to stock data for further direction in…

Crude Oil Crude prices fell like a ton of bricks on Monday just after posing the strongest quarter growth in a long long time. The December Brent contract, which becomes the front month today, closed 67 cents lower to settle at $56.12 /bbl. WTI lost $ 1.08 to settle at $50.59 /bbl.   The fall in prices was attributed as a reaction to both a growth in drilling activities in the US as well as…