Crude Oil Although Crude Oil prices rose last Friday with Brent settling 45 cents higher at $47.37 /bbl and WTI settling 28 cents lower at $44.74 /bbl, the outlook remains bearish. As of this morning both Brent and WTI futures are down 11 cents each. More significantly, prices for both benchmarks are down by almost 13 percent since late May, when OPEC announced extension of its production cuts. According to Baker Hughes, US rig count rose…
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Crude Oil Prices fell sharply on Wednesday on the back of strongly bearish EIA inventory report for week ending 2 June 2017. Brent fell by 4% or $2.06 /bbl to close at $48.06 /bbl while WTI fell even more by 5% or $2.47 /bbl to close at $45.72 /bbl. WTI Crude Oil $45.72 ▼-2.47 -5.40% 2017.06.07 end-of-day Brent Crude Oil $48.06 ▼-2.06 -4.29% 2017.06.07 end-of-day DOE Data The DOE data on US stocks took everybody by…
Read MoreCrude Oil Crude Oil prices moved in a tight range of $ 46.70 – $ 47.20 basis Brent before Brent settled marginally lower at $46.92 /bbl (-8 cents). WTI settled 27 cents lower at $44.46 /bbl. This area, given yesterday’s price action, appears to be a fairly critical area in the absence of fresh news. Given the history, we would call for a rise in prices towards $ 48.00 /bbl while $46.70 is not breached.…
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Crude Oil Prices fell sharply on Wednesday on the back of strongly bearish EIA inventory report for week ending 2 June 2017. Brent fell by 4% or $2.06 /bbl to close at $48.06 /bbl while WTI fell even more by 5% or $2.47 /bbl to close at $45.72 /bbl. WTI Crude Oil $45.72 ▼-2.47 -5.40% 2017.06.07 end-of-day Brent Crude Oil $48.06 ▼-2.06 -4.29% 2017.06.07 end-of-day DOE Data The DOE data on US stocks took everybody by…
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Crude Oil Prices fell sharply on Wednesday on the back of strongly bearish EIA inventory report for week ending 2 June 2017. Brent fell by 4% or $2.06 /bbl to close at $48.06 /bbl while WTI fell even more by 5% or $2.47 /bbl to close at $45.72 /bbl. WTI Crude Oil $45.72 ▼-2.47 -5.40% 2017.06.07 end-of-day Brent Crude Oil $48.06 ▼-2.06 -4.29% 2017.06.07 end-of-day DOE Data The DOE data on US stocks took everybody by…
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