Bloomberg reported that West Texas Intermediate traded close to the highest level in a week as US stockpiles increased to 389 million bpd, its highest since July 1990.
Articles Tagged "wti"
Reuters reported that Brent crude oil futures posted their biggest gain since December as the US dollar weakened, drawing investors to commodities.
Bloomberg reported that Brent crude is set for a second weekly drop, shrinking its premium to West Texas Intermediate to the lowest level in eight months on concerns that Europe’s efforts to resolve the Cyprus banking crisis will hurt economic growth.
Bloomberg reported that the United States Energy Information Administration lowered its crude oil price projections for this year. West Texas Intermediate will average $91.92/barrel, which is 1% lower than its February estimate.
Bloomberg reported that West Texas Intermediate fell 2.3 percent, to $93.92 a barrel — the most in three months — on rumors that a commodity fund is selling positions.
Bloomberg reported that West Texas Intermediate futures rose to 0.5% in New York to one-week high as OPEC raised its demand forecast.
Supply concerns dogging major producers have kept both Brent crude and WTI above $100 per barrel to begin the year.
Iran’s saber-rattling in the Persian Gulf kicks off what could be a volatile year for oil markets.
WTI-Brent crude price spread the story of 2011 for oil.
Analysts see Brent prices easing and WTI ending the year where it began, but do not rule out more volatility over Q4.