Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Crude Oil Mixed on Friday, Still Heads to Weekly Gains

September 29, 2017 at 18:21 by Vladimir Vyun

Futures for West Texas Intermediate crude oil rallied today, while Brent crude dropped. (Update: US grade of oil fell too after the release of a report from Baker Hughes.) Earlier this week, Brent touched the highest level in more than two years. Despite today’s drop, Brent was heading to the fifth consecutive weekly gain — the longest rally since June 2016. WTI crude was not far behind with its longest bullish weekly run since January and the best third quarter in a decade.

Analysts said that oil meandered on Friday due to profit-taking ahead of the month’s end as the current trading session is the last one in September. With that said, there was bearish news today in the form of a supply report from the Energy Information Administration. The EIA reported that US production of crude increased by 1.5% to 9.24 million barrels per day between June and July of 2017. Data from Baker Hughes was not bullish either, showing that the number of US oil rigs increased by 6 this week.

Futures for delivery of WTI crude oil in November fell 0.27% to $51.42 per barrel as of 18:15 GMT on NYMEX today. Brent crude edged down by 0.07% to trade at $57.37 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply