The crude market was up for the week. The market was down to start the week as it dealt with pessimistic trade news. In addition, Russia had announced it was against deeper supply cuts. The oil complex seemed to ignore any bearish news to end the week and it surged higher on even the slightest bullish news.
Markets were lifted when Russia affirmed that it would continue its cooperation with OPEC to keep the global oil market balanced. Pessimistic trade sentiment from US-China trade talks at the end of the week was ignored as traders seemed to latch onto slightly bullish inventory news reported by the EIA of a smaller-than-expected build in crude stocks and a sizable draw from Cushing for the second straight week.
Prices in Review
WTI Crude opened the week at $57.88. It was down to start the week but finished higher – starting the rally mid-week. Crude opened Friday at $58.31, a gain of 43 cents (0.7%).
Diesel opened the week at $1.9533. It started down for the week and rallied mid-week to finish the week still down. Diesel opened Friday at $1.9401, down 1.3 cents (-0.7%).
Gasoline opened the week at $1.6402. It was relatively flat to open the week and rallied mid-week to close higher. Gasoline opened Friday at $1.6971, a gain of 5.7 cents (3.5%).
