Posts Tagged ‘Brent Crude oil’

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Oil Maintains Bullish Momentum While Ruble Falls

Today, oil prices are consolidating near the peaks that have been recently reached on the back of the oil rig count report. According to Baker Hughes, the number of active drilling facilities in the United States increased by 4 to 800 units for the week ended the 9th of March. It signals that the Crude Oil production may expand. However, the Light Sweet Crude Oil is still trading above $62 per barrel. Market […]

Crude Oil Can Boost Ruble’s Rise

The outlook for the Russian currency is still vague. With the current political situation and sluggish oil prices, the USD/RUB pair remains inside a medium-term trading range. Markets are ready for the presidential election in Russia that will be held this Sunday. It is clear for most investors that Vladimir Putin will be reelected, but the question about the further stance of economic policy remains open. Some analysts forecast […]

Saudi Arabia to Keep Oil Production Limited

Oil prices are consolidating near the current levels. Crude can go upwards, but investors are still cautious. Brent Crude Oil is trading at $64.80 a barrel. Oil is supported by Saudi Arabia announcement that it plans to keep the volume of oil production limited. At the same time, Iran is calling for a smooth deal from the OPEC deal. Meanwhile, according to the OPEC report released yesterday, oil supply […]

Oil Prices Gain Ground amid Upbeat News from China

While uncertainty persists on the currency market and traders refrain from buying risky assets, investors shift their attention to Crude Oil. Oil prices are rising gradually. The Brent Crude Benchmark is trading at $65 per barrel. A rise was triggered by positive macroeconomic statistics from China that showed a fall in the domestic production of 1.9% on a yearly basis. The Shale Crude Oil is also rising, but at a slower pace, […]

Oil Prices Reverse Uptrend

The Baker Hughes report provided significant support to oil prices. According to the latest report, the number of active drilling facilities in the United States decreased by 4 to 796 units. For the past 6 months, this number has been growing. A decrease in the oil rig counts signaled that the US Crude Oil output may have declined. On the back of this news, WTI prices broke the level of $62 per barrel. However, today, oil […]

Crude Edging Lower as Traders Stay Cautious

The oil market barely reacted to the news about a possible meeting of Donald Trump and Kim Jong-un. Crude prices remain under pressure. The Brent Crude Benchmark is trading near the mark of $64 a barrel. Market participants still worry that the higher oil production in the US will offset the results of the OPEC+ agreement. The data provided by the International Energy Agency hint at such an outcome. These statistics are the key reason behind falling […]

Crude Traders Adopt Cautious Approach

Crude prices tried to recover today, but the attempt was in vain despite upbeat data from the US Energy Information Administration. The official data revealed that the US Crude Oil stockpiles advanced by 2 million 408 thousand barrels, while experts had projected a bigger increase. Gasoline investors shrank by 800 thousand barrels, which became a positive signal for traders. The WTI Crude Benchmark is trading slightly above […]

Crude Oil and Commodity Currencies Trading Under Pressure

Following the US dollar, Crude Oil is also losing ground. The API report put the commodity under pressure. According to the American Petroleum Institute, the stockpiles of Crude Oil in the United States rose by 5 million 661 thousand barrels in a week, while analysts predicted a rise of just 2 million 700 thousand. On the back of this news, the investor sentiment worsened, and as a result, the Light Sweet Crude Oil decreased by 1%. The Brent Crude […]

Oil Pulls Away from Early Highs

Bears returned to the oil market. Experts note that the US decision on new tariffs for steel and aluminium imports also has affected the oil prices. The Brent Crude Oil is trading below $64 a barrel. Investors have already switched their attention from the recent comments made by the OPEC representatives on a considerable reduction in oil production, which support the successful implementation of the OPEC deal. WTI Crude Oil is also likely […]

Oil Slumps Following US Data

Yesterday's report from the US Energy Information Administration was a catalyst for a slump in oil prices. According to the government data, domestic crude supplies swelled by 3.19 million barrels last week. Economists had expected a smaller increase. Moreover, gasoline stockpiles also showed a weekly rise. Oil output in the US hit a new weekly record at 10.57 million barrels a day. West Texas Intermediate sank to $61.50 a barrel. Today, North […]