On Wednesday, WTI crude closed up slightly following equities higher. Bullish inventory news from the EIA and weakness in the dollar helped to lift crude above the $40 level. Crude is giving back those gains in early trading this morning. WTI Crude climbed 2.4% on Wednesday after the EIA reported that domestic crude had a […]
On Tuesday, WTI crude closed down $1.31 (-3.2%). The return of nearly 300 kbpd from Libyan oil fields helped to push prices lower. The lifting of the Libyan blockade is currently only temporary – lasting until mid-October – until a final agreement is reached, but the effects of returning supply to the market is significant. […]
Oil Loses Ground Amid Worries About The Pace Of Oil Demand Recovery Oil moved below the $40 level as concerns about the future pace of oil demand recovery weighed on prices. In addition, traders were a bit nervous ahead of the first U.S. presidential debate between Donald Trump and Joe Biden. Click here to read […]
On Wednesday, WTI crude closed lower despite new records set in US Equities and a bullish inventory report given by the EIA. The price decline came on the news from the EIA of falling gasoline demand which caused concern among traders of a slowing recovery. The report showed US gasoline demand last week fell to […]
Oil gains on U.S. stock draw, economic recovery optimism Crude oil futures extended gains on Wednesday after a bigger-than-expected draw in U.S. crude stockpiles and as solid U.S. and Chinese factory activity fueled optimism of a recovery from the pandemic, boosting investor risk appetite. Click here to read more from CNBC. Saudi cutting oil deliveries […]
On Tuesday, WTI crude closed slightly higher as US equities closed at new record highs and drew crude along with them. The S&P 500 and the Nasdaq reached new record highs yesterday and the Dow added 200 points for the three major indices to close with gains. The rally was spurred by bullish manufacturing data […]
On Tuesday, WTI crude remained flat. This morning prices are lower as Congress struggles to agree upon a stimulus package. Also in the minds of investors, Trump postponed trade talks with China, which caused worry of increased tensions between the US and China. In inventory news, the API reported that crude had a moderate draw […]
Oil price fundamental daily forecast – API gasoline build offsets crude oil draw The range is tight and volume is well below average with investors keeping one eye on the key OPEC+ ministerial meeting later in the day, and the other eye on a US government weekly inventories report, due to be released at 14:30 […]
On Tuesday, WTI Crude followed US equites to close lower. Earlier in the session, crude and equities had been trading higher on news of slowing coronavirus cases being reported in the US, but falling technology stocks dragged the S&P 500 to close the day lower and crude followed suit. WTI Crude inventories had a large […]
Oil rises after bigger-than-expected drop in U.S. inventories Oil prices rose on Wednesday after an industry report showed U.S. crude inventories last week fell more than analysts had expected, bolstering hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic. Click here to read more from Reuters. Oil climbs as slowing […]
