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OPEC's monthly report revealed higher production from its members

June 13, 2018
Recap: Oil prices traded below unchanged in predawn trading, reversing overnight gains. However, losses were short lived, with July WTI reverting back to the upside. After bottoming the session at $65.87, this spot contract worked its way back to $66.70, a fresh high for the day. ... Read More
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Traders reacted to the rising production out of Saudi Arabia and Russia

June 12, 2018
Recap: The oil market posted an outside trading day as it moved between gains and losses on production uncertainty ahead of OPEC’s upcoming meeting on June 22nd.  The market opened 18 cents lower at $65.56 and sold off to a low of $64.85 early in the morning as traders reacted to ... Read More
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Oil prices reversed early gains on Friday

June 11, 2018
Recap: Oil prices reversed early gains on Friday after JPMorgan lowered its 2018 price forecast by $3 to $62.20 a barrel. This combined with sluggish Chinese demand and increasing U.S. output pushed July WTI below key support at $65.50 but, traders prepping themselves ahead of th ... Read More
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Prices rose due to increasing concern over falling Venezuelan exports

June 8, 2018
Recap: WTI rose from its lowest level in a month, shrugging off Wednesday’s EIA report, which reflected a 2.07 build in U.S. crude oil inventories. Prices rose on increasing concern over falling Venezuelan exports and pending US sanctions on Iran. After pivoting around $65.00 a b ... Read More
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EIA reported a build of 2.1 million barrels in US crude oil inventories

June 7, 2018
Recap: Oil prices traded higher on the initial opening, gaining support on reports that Venezuela may default on some of its contracted crude oil exports. The higher move was short lived, as a selling frenzy followed the release of the EIA report, with WTI reaching its lowest lev ... Read More
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Brent slipped to its lowest level in a month and WTI fell to a one and a half month low

June 6, 2018
Recap: Brent slipped to its lowest level in a month, while WTI fell to a fresh one and a half month low after it was reported that the U.S. had asked Saudi Arabia and other members of OPEC to increase output. August Brent hit a low of $73.81 a barrel, falling short of $73.66, its ... Read More
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WTI was pushed to its lowest level since April 10th

June 5, 2018
Recap: An upsurge in U.S oil production, combined with an increase in the number of active oil rigs, pushed WTI to its lowest level since April 10. July WTI slipped below $65.51, the 50% retracement from February’s low of $58.11, when prices began their ascent, and May’s high of ... Read More
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The differential between Brent and WTI increased to double digits on Friday

June 4, 2018
Recap: The oil market continued to trend lower on Friday as Brent’s premium over WTI  continued to trade at a three-year high.  The differential between Brent and WTI increased to double digits on Thursday for the first time since March 2015 and settled at $11.02 on Friday, basis ... Read More
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EIA report showed a draw of 3.6 million barrels in US crude oil

June 1, 2018
Recap: WTI slipped on Thursday, pressured by unexpected builds in U.S. distillate and gasoline inventories as reported by the EIA. Trader’s pushed prices higher on their initial reaction to the report, which showed a draw of 3.6 million barrels in U.S. crude oil inventories; howe ... Read More
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A rise in equities and a slip in the dollar added strength to the market

May 31, 2018
Recap: WTI reversed 5 straight days of declines, as Russia’s central bank cautioned against plans to boost output and on forecasts calling for a decline in U.S. crude oil inventories. A rise in equities and a slip in the dollar added strength to the market. Both blends climbed st ... Read More
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