Crude Oil Crude oil futures continued their relentless march upwards posting gains for yet another day. Brent futures rose by 53 cents to settle at $ 54.89 / bbl while WTI gained 55 cents to settle at $ 51.70 /bbl. The bulls have this market firmly in their grip as it ponders over the happenings of the next few months.For now, early this morning they have been given a fillip as news of the US…
Read MoreCrude Oil The underlying bullish sentiment was highlighted yesterday when, in the face of bearish EIA data, crude prices still managed to end in the positive territory. Brent futures settled 19 cents higher $ 54.36 / bbl while WTI settled at $ 51.15 /bbl. Prices were supported by reports of a continued outage in the Buzzard fields in the North Sea. DOE Data The DOE reported a surprise build of 1.6 million barrels against an…
Read MoreCrude Oil Crude prices resumed their upward climb today with Brent futures adding $1.05/bbl to settle at $ 54.17 / bbl. WTI rose by 79 cents to $ 51.03 /bbl. The immediate reason for the move was an unplanned production outage in the North Sea. The skittishness of the market pushed prices over the 100 day Moving Average of 53.75, a technically strong resistance. All this action took place after Brent had breached the $…
Read MoreCrude Oil Crude prices finally took a breather yesterday after 4 consecutive up days. Brent futures settled at $ 53.12 / bbl, 41 cents lower. WTI declined by 36 cents to $ 50.24 /bbl. The markets appear to have been somewhat relieved by the resumption of crude pumping in Libya. However, the $ 53 /bbl level, which we have mentioned as a support, was never seriously tested, indicating that this may be more of a correction…
Read MoreCrude Oil Crude oil ended the week strongly with a fourth day of solid gains. The June Brent future (which becomes the front month today) settled at $ 53.53 / bbl. The May future expired 13 cents lower at $ 52.83/bbl. WTI settled 25 cents higher at $ 50.60 /bbl. The market is hearing more and more news of stronger compliance with production cuts . Talks of extending these cuts has been going on all…
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