Crude Oil Oil prices were little changed amid modest volumes on the last day of a shortened week. Brent futures rose by 3 cents to $ 55.89 / bbl while WTI rose 7 cents to settle at $ 53.18 /bbl. While Thursday was markedly muted, the week belonged to the bulls. Oil has recouped almost the entire price loss it encountered in March. In terms of market outlook too, the bullishness persists. CFTC data revealed…
Read MoreCrude Oil Crude Oil futures reacted surprisingly indifferently to DOE stock data that could have been construed as bullish. Brent futures fell by 37 cents to settle at $ 55.86 / bbl while WTI lost 29 cents to settle at $ 53.11 /bbl. While the inventory data was admittedly bullish, the market chose to focus on the growth in US oil production. The EIA reports that this has reached 300 Kb per day and it…
Read MoreCrude Oil After spending most of the day in negative territory, Brent futures rose by 25 cents to settle at $ 55.98 / bbl while WTI gained 32 cents to settle at $ 53.40 /bbl. The sole reason for the late rally was a report that Saudi Arabia advised OPEC officials that it was in favor of extending the production cuts. No particular individual was quoted on this. In our opinion, this is a merely…
Read MoreCrude Oil Crude oil continued to gain in strength on Monday as well. Brent futures rose by 74 cents to settle at $ 55.98 / bbl while WTI gained 84 cents to settle at $ 53.08 /bbl. As we have been mentioning earlier, the market is extremely nervous and is reacting to every sign of disruption in supplies. While there is already political tension regarding Syria as Russia protested American action, the Sharara field in…
Read MoreCrude Oil An unexpected missile strike by the USA helped crude oil futures to continue their upward move for yet another day. Brent futures rose by 35 cents to settle at $ 55.24 / bbl while WTI gained 54 cents to settle at $ 52.74 /bbl. Both contracts reached near one month high levels immediately after news of the missile strike. Brent touched a high of $ 56.08 /bbl while WTI reach $ 52.94 /bbl.…
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