WTI Oil Trades Highest in 2 Weeks, Shrinks Discount to Brent
Bloomberg reported that West Texas Intermediate oil shrunk its discount to Brent to lowest level in 7 weeks as it traded near the highest level since the beginning of March.
Articles Tagged "energy department"
High US Crude Inventories Bring Oil Down
Bloomberg reported that oil fell to a six-week low on the US Energy Department's announcement that crude inventories reached 8.53 million barrels last week, more than eight times higher than Bloomberg projected.
Oil Supply Drops in Survey as U.S. Refinery Demand Climbs
Bloomberg reports that U.S. crude-oil supplies probably dropped to their lowest level in three months as refinery demand increased with the end of seasonal maintenance.
Oil Rebounds From Four-Week Low
Bloomberg reports that Oil rose, rebounding from a four- week low.
Crude Prices Sag
Seekingalpha.com reports that oil fell below $82 a barrel owing the reports suggesting bigger-than-expected gain in US crude inventories.
Buyers To Buy If Prices Weaken
If bearish sentiment continues for a bit, expect to see a potential break below support levels around $67.35. Further declines in shipping rates due to reduced Chinese demand can be expected to continue, highlighted by expectations for a 50 per cent drop in freight rates in the next four months.
Crude oil headed for $71.55 a barrel
Crude oil fell on Tuesday, snapping four days of gains, on concern a U.S. government report will show stockpiles climbed from the highest level since September 1990. Crude oil for June delivery declined as much as 77 cents, or 1.4 per cent, to $53.70 a barrel in electronic trading on the New York Mercantile Exchange. Oil is up 21 per cent this year.
Downward Pressure On Oil Price
Recent dismal economic data and growing U.S. inventories kept oil prices below $50 a barrel Friday despite hopes of a possible second-half recovery in crude demand. Benchmark crude for May delivery fell 40 cents to $49.58 a barrel by Noon in European electronic trading on the New York Mercantile Exchange. The contract on Thursday rose 73 cents to settle at $49.98.
