Oil Price Digest

Crude Oil Crude Oil prices soared to an 8 week high yesterday spurred by a rally in US gasoline futures. Brent gained 52 cents to settle at $51.49 /bbl. WTI rose by a relatively lesser amount of 29 cents to settle at $49.04 /bbl. Yesterday, we had mentioned that Brent would be testing the resistance of a downward channel.  However, it comfortably scaled that resistance and now would be targeting the 200 DMA in the…

Crude Oil Bullish DOE data propelled Crude Oil past critical technical levels yesterday. Brent gained 77 cents to settle at $50.97 /bbl. while WTI rose by 86 cents to settle at $48.75 /bbl. The  bullish data has taken Brent prices past the 100 DMA and they are now testing the top of a descending channel.  However, the MACD oscillator is showing some bearish divergences which probably needs to be considered. But for now, it is…

Crude Oil Crude Oil continued to rise higher in the wake of the Saudi announcement. Brent rose past the psychological $50 /bbl mark to settle at $50.20 /bbl, up 1.60 cents. WTI rose by $1.55 cents to settle at $45.89 /bbl. Prices were further boosted this morning in the wake of what is apparently bullish API data. API Data The American Petroleum Institute, in its report late last afternoon reported a surprisingly huge draw of…

Crude Oil Crude Oil recovered well today after Saudi Energy Minister, Khalid al-Falih said that Saudi would limit crude exports to 6.6 million barrels per day. Brent rose to $48.56 /bbl, up 50 cents on the day. WTI rose by 57 cents to settle at $45.34 /bbl. Saudi’s pledge to keep exports limited to 6.6 mbpd does sound bullish prima facie being, as it were, 1 mbpd lower than levels one year ago.  However, this…

Crude Oil Crude Oil fell sharply last Friday as news of increase in OPEC supplies this month hit the markets. Brent settled down $1.24 or 2.52 % at $48.06 /bbl whilst WTI settled down $1.15 or 2.45 percent, at $45.77 /bbl. Petro-Logistics, one of the leading companies measuring sea-borne petroleum trade said on Friday that it anticipates OPEC crude production to rise 145,000 barrels per day this month. This increase in production will come mainly from…