Crude Oil Crude oil futures extended losses yesterday in the wake of huge crude builds as per EIA data on Wednesday. Brent lost $0.92 to settle at $ 52.19 / bbl. WTI lost $1.00 cents to settle at $ 49.28 /bbl. However, we may be seeing a glimmer of support as both futures settled at levels over 50 cents above the lows reached by them. Such is the strength of the bullish sentiment that the jury…
Read MoreCrude Oil Crude oil futures finally gave way to the onslaught of relentless product builds notwithstanding extensive production cuts. Brent lost $2.81 to settle at $ 53.11 / bbl. WTI lost $2.86 cents to settle at $ 50.28 /bbl. These are the lowest levels crude prices have seen this year. The immediate cause for the drop was the stock data released by the EIA This drop has seen crude prices break a lot of technical supports…
Read MoreCrude Oil Crude oil futures finally gave way to the onslaught of relentless product builds notwithstanding extensive production cuts. Brent lost $2.81 to settle at $ 53.11 / bbl. WTI lost $2.86 cents to settle at $ 50.28 /bbl. These are the lowest levels crude prices have seen this year. The immediate cause for the drop was the stock data released by the EIA This drop has seen crude prices break a lot of technical supports…
Read MoreCrude Oil Crude oil Futures were largely fighting to stay above the previous settle for most of the US trading day yesterday. Though they eventually buckled under, the future of crude prices is still hanging in the balance. Brent lost 9 cents to settle at $ 55.92 / bbl. WTI lost 6 cents to settle at $ 53.14 /bbl. Saudi Energy minister Khalid al-Falih said yesterday that the cuts had helped reduce the imbalance, albeit a lot…
Read MoreCrude Oil Crude oil Futures showed mixed reactions yesterday. While Brent gained 11 cents to settle at $ 56.01 / bbl. WTI lost 13 cents to settle at $ 53.20 /bbl. The support for Crude oil ostensibly came from a statement out of Iraq that it would support the production cuts if they were extended. We are frankly a bit flummoxed by this statement. As per the original deal, Iraq was supposed to cut 210 Kbpd. It…
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