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The EIA report showed a decline of 6.1 million barrels in U.S. crude oil inventories

July 26, 2018
Recap: Oil prices climbed more than 1% after the release of the EIA report, which showed a decline of 6.1 million barrels in U.S. crude oil inventories. Expectations were calling for a decrease of 2.3 million barrels. September WTI rose to a high of $69.70 a barrel, its highest l ... Read More
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It was a volatile trading session for both crude oil and its products

July 25, 2018
Recap: It was a volatile trading session for both crude oil and its products, as prices continued to be rocked by an array of news which include tensions between Iran and the U.S; trade wars between China and the U.S; boosts in output by OPEC and its allies, declines in Venezuela ... Read More
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Oil prices slipped early in the session before settling into a period of sideways trading

July 24, 2018
Recap: Oil prices slipped early in the session before settling into a period of sideways trading in overnight activity. However, rising tensions between the U.S. and Iran combined with a 24-hour strike by offshore workers in the British North Sea, propelled prices off the lows of ... Read More
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Lower than expected oil exports out of Saudi Arabia lent strength to the expiring August WTI contract

July 23, 2018
Recap: Oil prices were somewhat mixed on Friday, with spot WTI pulling away from the rest of the curve as the dollar weakened to a four day low and as U.S. drillers cut oil rigs by the most since March. Lower than expected oil exports out of Saudi Arabia also lent strength to the ... Read More
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Saudi Arabia’s exports are expected to fall by roughly 100,000 barrels per day

July 20, 2018
Recap: Oil prices were mixed on Thursday, with Brent succumbing to fears of an over supplied market, while WTI held on to Wednesday’s bullish reaction to the EIA report. After a short-lived rally on comments that Saudi Arabia’s exports would fall in August, September Brent slippe ... Read More
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U.S. crude production reached 11 million barrels per day for the first time

July 19, 2018
Recap: Oil prices rose on Wednesday, as the surprise 5.8 million barrel build in U.S. crude oil inventories was overshadowed by the unexpected 3.2 million barrel draw in gasoline stocks and the unforeseen 371,000 barrel decline in distillate stocks. In their initial reaction, cru ... Read More
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Both Brent and WTI surpassed Monday's lows but prices ended above the unchanged level

July 18, 2018
Recap: In comparison to Monday’s activity, it was a lackluster trading session for crude oil futures, as traders turned their attention to the API and EIA reports. Prices began the session trading around the unchanged level and continued to move sideways during pre-dawn trading. ... Read More
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Expectations of increased output from within and outside OPEC caused prices to collapse

July 17, 2018
Recap: Brent fell to its lowest level since April 20th, while WTI slipped to a 3-week low, slipping below the 10-day moving average for the first time in as many weeks. Prices collapsed as supply concerns eased on reports that ports in Libya began to reopen, and as talk began to ... Read More
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Strike actions in Norway and Iraq caused oil prices to rise on Friday

July 16, 2018
Recap: Oil prices rose on Friday, lifted by strike actions in Norway and Iraq, however upside potential was limited by the reopening of ports in Libya and sentiment that Iran may still export oil in light of U.S. sanctions.  Despite daily gains, oil prices settled lower for the s ... Read More
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The IEA stated that the world’s oil supply cushion could be stretched to the limit

July 13, 2018
Recap: Oil prices rose in overnight trading after the IEA cautioned that spare supply and output capacity “could be stretched to the limit.” September Brent rose $1.70, or 2.3%, reaching a session high of $75.10 a barrel, while August WTI tacked on 86 cents, or 1.2%, topping the ... Read More
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