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…
Read MoreCrude Oil Crude Oil prices continued their downward plunge before Brent found support at $ 48.95 / bbl. Weekend covering then commenced and Brent eventually closed just under $ 50.00 / bbl at $ 49.95 /bbl, a drop of 68 cents. WTI too lost 70 cents to close at $ 47.66 /bbl As another commentator mentioned, crude oil seems to be in the throes of a bear grip given that even bullish stock data from the…
Read MoreCrude Oil Crude Oil prices failed to react particularly positively to what was definitely bullish data published by the DOE. Brent settled 14 cents lower at $ 50.63 /bbl. WTI reacted better, but not by much as it settled 4 cents higher at $ 48.36 /bbl Yesterday’s DOE data reported strong draws in both crude and gasoline. However, such is the impact of market sentiment that the market failed to scale $ 51.50 / barrel…
Read MoreCrude Oil Crude Oil prices collapsed yesterday but have bounced back overnight after API data reported a huge drop in crude stocks. The expiring Brent front month contract settled $1.53 cents lower at $ 50.31 /bbl. The August contract, which becomes the front month today, settled at $ 50.76 /bbl. WTI settled $1.34 cents lower at $ 48.32 /bbl The American Petroleum Institute reported a startlingly bullish draw in crude stocks in its weekly report…
Read MoreCrude Oil Oil Prices ended lower yesterday on reports of Libya’s production being set to surge past the 800 kbpd mark. Brent settled 45 cents lower at $ 51.84 /bbl while WTI settled 14 cents lower at $ 49.66 /bbl There are plenty of tugs in the market in either direction. While Goldman Sachs has reduced its projections for crude prices in 2H17, bullish players expect crude stocks to draw rapidly and come to the…
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