Crude oil futures were seen erasing some previous gains to turn higher last week. The turnaround came on Thursday after the weekly crude oil inventory report showed a larger than expected draw on stockpiles. Data from the Energy Information Administration (EIA) showed that crude oil stockpiles fell by 1.6 million barrels. This was against the...
The oil market remains under pressure this week following the latest report, where OPEC raises oil supply forecast stating it expects supply to surge over 2018. While the group acknowledges that oil demand is set to rise over the year, it expected rising US output to cause a disproportionate rise in oil supply. The latest OPEC report showed t...
Oil prices have now broken out to levels not seen since summer 2014 and market participants are now questioning whether the move has further to go or if a correction lower is in store. So what are the forces that are driving crude oil price action? Crude Oil Inventories Falling One of the key factors driving crude oil price has been ...
For the past four weeks including this week’s trading so far, Crude Oil has been trading within a range of $5, whether in Brent or WTI with no clear direction. Brent Crude was in the range between $45 and $50, while West Texas Crude managed to trade between $47 and $42, despite the fact that there were many catalysts affecting Oil demand and in...
If you have been reading our reports throughout the past four weeks, especially the ones about Crude Oil, you should not be surprised about the recent rally in both Brent and WTI Crude. We warned many times that OPEC and Non-OPEC members would not allow the prices to dip lower significantly: Oil producers will do whatever it takes to keep the p...
After few weeks of gains due to the shortage in the US Crude Oil inventories, in addition to some OPEC meeting remarks, Crude Oil failed to stabilize and is nearing this year’s lows once again. Since the beginning of the year, the price has been under pressure as there were not enough fundamentals to support the prices higher. Moreover, the ma...
OPEC headquarters Since the beginning of this week, Crude Oil prices has been declining gradually, reaching critical technical levels. This is despite the fact that OPEC sent out few remarks to the media, speculating a possibility to extend the production cut deal, which expires in June of this year. However, these remarks were not enough, Cr...
Abdalla Salem El-Badri, Secretary General of OPEC. Since the beginning of the year, Crude Oil prices has been trading within a sideways trend. WTI is trading between $51 and $54, while Brent is stuck between $54 and $57, New with no clear direction. This is also despite the fact of the successful OPEC deal in addition to the excessive inventor...
Crude oil prices maintained the bullish winning streak for 5 straight days as prices touched a 6-week high on Wednesday. WTI Crude futures contract for September delivery closed at $46.92 a barrel after the weekly inventory report showed an unexpected drawdown. Oil prices extended their gains after the US Energy Information Administration (EIA) ...
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