Crude Oil Crude Oil prices plunged as a crash in stock markets reignited fears of global oversupply. Brent closed 80 cents lower at $51.90 /bbl, whereas WTI settled 97 cents lower at $48.59 /bbl. While prices have indeed dropped significantly yesterday, they still remain technically strong. Currently they are hovering around the 200 DMA line, a good technical support. A strong follow through action would be needed today to breach that support. OPEC released its…
Read MoreCrude Oil Crude Oil prices closed higher yesterday after apparently bullish data released by the DOE. Brent closed 56 cents higher $52.70 /bbl, whereas WTI settled 39 cents higher $49.56 /bbl. We use the term apparently bullish DOE data because, the release of the data, while seemingly bullish, did nothing to spark up the markets, which only rose in the last hour of trading. Markets, in our opinion, continue to remain uncertain and, in our…
Read MoreCrude Oil Crude Oil prices once again closed slightly lower yesterday. Brent rallied at $52.14 /bbl, down 23 cents and WTI settled 22 cents lower $49.17 /bbl. The overall trend of the market, notwithstanding two down days, remains cautiously bullish. The primary evidence in support for this is the statistics from the CFTC which suggested that traders increased their long positions to increase net speculative length. However, there seems to be little to suggest that…
Read MoreCrude Oil Crude Oil prices finished the day yesterday largely unchanged albeit slightly lower. Brent rallied at $52.37 /bbl, down 5 cents on the day. WTI settled at $49.39 /bbl, down 19 cents. Crude Oil prices dipped at the start of both the London and New York trading sessions in reaction to news that Libya’s production had recovered to its normal levels after a brief disruption by armed forces. Brent made a low of $51.38…
Read MoreCrude Oil After trading sub $52/bbl for most of the trading day, Brent rallied at the close to settle 41 cents higher at $52.42 /bbl. WTI settled at $49.58 /bbl, up 55 cents. The initial rise at start of New York trading hours was attributed to the strong Payrolls number. However, the enthusiasm slowly petered out during the day until the last hour reported a drop in the Baker Hughes Rig count by 1 rig…
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