Oil Price Digest

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. DOE Data The DOE data on US stocks took everybody by surprise and even dismay as Crude, Distillates and Gasoline built significantly. Crude stocks built by 3.3…

Crude Oil After repeatedly testing and failing to breach support in the $ 49.00 – $49.25 area, Crude Oil prices reversed their downtrend while awaiting stock data from the US. Brent finished the day 65 cents higher at $ 50.12 /bbl. WTI added 79 cents to settle at $ 48.19 /bbl API Data In its weekly report last afternoon in the US, the API stated that Crude Oil inventories had fallen by 4.6 million barrels.…

Crude Oil After repeatedly testing and failing to breach support in the $ 49.00 – $49.25 area, Crude Oil prices reversed their downtrend while awaiting stock data from the US. Brent finished the day 65 cents higher at $ 50.12 /bbl. WTI added 79 cents to settle at $ 48.19 /bbl API Data In its weekly report last afternoon in the US, the API stated that Crude Oil inventories had fallen by 4.6 million barrels.…

Crude Oil Crude Oil prices opened the week weak and ended around 50 cents lower on the day.  Brent settled at $ 49.47 /bbl (-48), and WTI at $ 47.40 /bbl (26) In the Asian morning, crude spiked as Saudi and a few other AG nations announced that they were cutting off ties with Qatar.  However that spike was short lived as traders feared it could spark off some non compliance. For now, the immediate…