Crude Oil Crude markets moved around a bit as traders placed bets on the basis of this hike. But all in all, markets from here on to the year end will be thin. Brent fell by $ 0.29 / bbl to settle at $ 55.21/bbl while WTI gained $ 0.22 / bbl to settle at $ 52.12 / bbl. The rise may have something to do with the expiry of the prompt future which happens…
Read MoreCrude Oil Oil markets continued to hold firm as there appeared to be actions being taken at the ground level to implement production cuts. Oil prices were further boosted by the inability of the US Dollar to hold on to its strength. Brent rose by $ 1.19 / bbl to settle at $ 55.21/bbl while WTI gained $ 1.00 / bbl to settle at $ 51.90 / bbl In other news, Libya was unable to…
Read MoreCrude Oil Oil markets resumed their uptrend yesterday on renewed optimism that non OPEC producers may agree to cut production as well subsequent to the OPEC decision. WTI fell gained $1.07 / bbl to settle at $ 50.84 /bbl, while Brent gained up $0.89 /bbl to settle at $53.89 / bbl. Non OPEC producers are expected in Vienna to firm an agreement to cut production on their part as well. Russia is expected to cut…
Read MoreCrude Oil Oil markets continued their correction yesterday in the face of ostensibly bullish DOE crude data which showed a draw of 2.4 million barrels against an expectation of around 1.0 million barrels. WTI fell below $50 /bbl to settle at $ 49.77 /bbl, while Brent gave up $0.93 /bbl to settle at $53.00 / bbl. The possible reasons the markets did not get excited by this draw could be The market was somewhat expecting…
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