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Oil prices rose to their highest level in seven weeks but began to slip on Thursday

March 23, 2018
Recap: After rising to their highest level in seven weeks, oil prices, which had posted two straight days of gains, slipped on Thursday as traders took profits after attempts to breach technical resistance numbers failed. May WTI rose as much as 0.9%, to a high of $65.74 a barrel ... Read More
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EIA reported a draw of 2.6 million barrels in U.S. crude oil inventories

March 22, 2018
Recap: After opening the session just above unchanged, May WTI retreated, testing support provided by yesterday’s break above $63.55. A lack of failure to trade below this level validated its position as support, sparking a fresh round of buying. Oil prices jumped further, reachi ... Read More
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Oil prices rose to their highest level in three weeks

March 21, 2018
Recap:  After opening close to the unchanged level, oil prices climbed steadily throughout the session, rising to their highest level in 3 weeks. The impetuses behind the move were tensions in the Middle East and falling Venezuelan output. Not even a rising dollar could keep pric ... Read More
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For the first time in seven weeks the Baker Hughes drilling report showed a decline in the number of oil drilling rigs operating in the US

March 12, 2018
Recap: After a two day decline in the oil markets, the bulls came charging back into the market today, following a strong stock market. The equities market found positive news in a strong U.S. jobs report, along with the potential easing in geopolitical tensions surrounding the N ... Read More
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A strong rebound in the value of the dollar appeared to keep the oil market from gaining any real traction toward the upside

March 9, 2018
Recap: The bulls in the oil market remained on the defensive for the second day in a row.  While the stock market rebounded today, the strong rebound in the value of the dollar appeared to keep the oil market from gaining any real traction toward the upside. Then with the release ... Read More
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The inventory report is expected to reflect an increase of 3 million barrels of oil

March 7, 2018
Recap: Oil prices were mixed on Tuesday, trading within a tight range ahead of the API inventory report. Brent was the stronger of the two blends, holding onto gains as Europe continues to cope with unseasonably cold weather. WTI traded on both sides of unchanged, ultimately hold ... Read More
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Baker Hughes reported the number of active rigs in the US increased by one unit, to 800 on the week

March 5, 2018
Recap: Despite staging a session comeback, oil prices settled at their lowest level in three weeks. Prices were hammered on Thursday after President Trump announced the imposition of tariffs on steel and aluminum, which instilled concerns about a global trade war. Losses were par ... Read More
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Oil prices fell to their lowest level in two weeks

March 2, 2018
Recap: Oil prices took a hit for the third straight session after President Trump announced the imposition of tariffs on steel and aluminum imports to the U.S; which dragged down global equities. A rising U.S. dollar also added pressure. Prices fell to their lowest level in two w ... Read More
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The oil market seems to be pressured by the strength in the dollar

February 28, 2018
Recap: The oil market opened 15 cents higher and quickly posted a high of $64.08 before it started to erase its previous gains.  The oil market seemed to have been pressured by the strength in the dollar, which was well supported after Federal Reserve Chairman, Jerome Powell, sai ... Read More
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EIA report indicated US crude oil stocks fell 1.6 million

February 23, 2018
Recap: Oil prices, which were heading lower early in the session, reversed course after the release of the EIA report, which indicated U.S. crude oil stocks fell 1.6 million. In its initial reaction, April WTI jumped sharply, tacking on more than $21 before falling into a 30 cent ... Read More
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