Crude Oil Crude oil prices reacted surprisingly negatively to what appeared to be bullish DOE data. Brent settled at $47.32 /bbl, 32 cents higher on the day while while WTI rose 39 cents to $45.52 /bbl. Prices were trading largely between $ 48.50 and $ 49.00 /bbl for most of the day. After the data, which was decidedly bullish, they spiked to a high of $ 49.18 /bbl. However this spike was short lived as…
Read MoreCrude Oil Crude Oil prices fell sharply on Wednesday, ending their longest string of daily gains in more than five years as climbing OPEC exports and a stronger dollar spurred selling. Brent settled at $47.79 /bbl down $1.82 while WTI settled at $45.13 /bbl down $1.94. Prices have managed to recover ever so slightly after API released its inventory data which showed U.S. crude inventories falling by 5.8 million barrels in the week to June 30 exceeding forecasts…
Read MoreCrude Oil With the US market shut for the US Independence Day, Oil Prices struggled to maintain their upward momentum. Brent closed 7 cents lower at $49.68 /bbl. There is no settle reported for WTI due to the holiday. Today, the markets await the API data, delayed by one day due to yesterday’s holiday. While the market sentiment has definitely shifted to being bullish, markets will look to the data for justification or rebuttal of…
Read MoreCrude Oil Oil Prices continued to climb as they posted an eight straight day of gains in what is now the longest unbroken rally in more than five years! Brent closed up $0.91 at $49.68 /bbl while WTI closed up $1.03 at $47.07 /bbl. Adding to this newfound optimism is bullish news emanating from the North Sea with a few traders suggesting that North Sea BFOE crude oil supply is expected to fall to its…
Read MoreCrude Oil Oil Prices continued to climb as they posted an eight straight day of gains in what is now the longest unbroken rally in more than five years! Brent closed up $0.91 at $49.68 /bbl while WTI closed up $1.03 at $47.07 /bbl. Adding to this newfound optimism is bullish news emanating from the North Sea with a few traders suggesting that North Sea BFOE crude oil supply is expected to fall to its lowest…
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