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"
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.
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.
Bloomberg reports that Oil rose, rebounding from a four- week low.
Seekingalpha.com reports that oil fell below $82 a barrel owing the reports suggesting bigger-than-expected gain in US crude inventories.
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 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.
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.