Crude Oil Oil markets started correcting today for the first time since OPEC made its bullish announcement of limiting production to 32.5 Mbpd. WTI settled 86 cents down at $ 50.93 /bbl, while Brent gave up $1.01 /bbl to settle at $53.93 / bbl. There were a combination of reasons for this correction. First of all, a technical correction was overdue. Secondly OPEC reported a production of 34.19 million barrels for November i.e. 1.69 Mbpd…
Read MoreCrude Oil The bulls continued to buy Oil but, by the end of the day, one had to say that they were finding it difficult to push it higher. WTI settled at $ 51.79 /bbl, up 11 cents and Brent at $54.94 / bbl, up 48 cents. Apart from any fundamental pressure about the intent of OPEC to maintain cuts and non OPEC to implement cuts etc. there would also have been a little technical…
Read MoreCrude Oil Oil continued to rise on Friday with WTI settling at $ 51.68 /bbl, a rise of 62 cents and Brent at $54.46 / bbl, up 52 cents. This is the best week crude has had in over 5 years!!! Prices were pressured by news that Russia’s production reached post Soviet record levels in November. Russia further said that any cuts would be based on THIS number unlike OPEC numbers which were October…
Read MoreIndia is experimenting with the idea of linking petrol prices directly to international crude prices. A per the Udaipur Times, the retail prices for both petrol and diesel will be changing daily based on the global price of crude oil. Five cities have been selected for the pilot project. These are Chandigarh Udaipur Vishakhapatnam Puducherry Rajkot The first phase of this model run will be done in Chandigarh because all gas stations are automated. This…
Read MoreCrude Oil Oil continued its hectic rise with WTI settling above $ 50 /bbl for the first time in a long while. WTI settled at $ 51.06 /bbl, a rise of over 3% while Brent settled at $53.94 a rise around 4% over the previous settle of $51.84 / bbl. Now that the longs have had their fun and hiked crude prices to levels which seem to satisfy the expected levels post the cut, people…
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