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EIA report indicated an unexpected build in U.S. crude oil and gasoline

May 24, 2018
Recap: Oil prices slipped on Wednesday after the EIA reported an unexpected build in U.S. crude oil and gasoline inventories. The possibility that OPEC may increase output to make up for any shortfalls from Iran and Venezuela also weighed on prices. July WTI was trading slightly ... Read More
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The possibility of crude oil hitting $100 a barrel caused oil prices to increase

May 23, 2018
Recap: Oil prices posted gains early in the session, as the possibility of crude oil hitting $100 a barrel began to sink in. Prices continue to gain strength from geopolitical tensions and strong demand, amid tighter global supply. Despite these early gains, prices slipped from s ... Read More
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Oil prices recovered following discussions about the issuing of new debt to Venezuela

May 22, 2018
Recap: After opening the session at basically unchanged, oil prices drifted sideways in overnight trading before dipping below Friday’s close. Prices recovered following discussions between U.S. President Donald Trump, Russia and China about the issuing of new debt to Venezuela. ... Read More
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Traders were focused on Venezuela's presidential election that was held on Sunday

May 21, 2018
Recap: Oil prices slipped on Friday; however, WTI posted its fourth straight week of gains, while Brent settled higher for the sixth straight week. The lack of new fundamentals is beginning to take its toll on prices, holding them at 3 and half year highs. Traders are focused on ... Read More
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Oil prices reached fresh 3.5 year highs

May 18, 2018
Recap: Oil prices reached fresh 3 ½ year highs, with Brent topping $80 a barrel for the first time since November 2014 and WTI tipping the charts above $72 a barrel in as much time. Geopolitical tensions continue to drive this market, especially Brent, while rising U.S. productio ... Read More
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EIA reported a 1.4 million barrel draw in U.S. crude oil stocks

May 17, 2018
Recap: Wednesday’s trading activity was a mirror image of Tuesday’s session, with oil prices trading in a mixed fashion. WTI bounced on its initial reaction to the EIA’s report of a 1.4 million barrel draw in U.S. crude oil stocks, but strength in the dollar overshadowed the repo ... Read More
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WTI spent most of the session trading to the downside, while Brent held early gains

May 16, 2018
Recap: Oil prices were mixed on Tuesday, with WTI spending the better part of the session trading to the downside, while Brent held early gains. After posting a fresh multi-year high, but failing to trade above the $72 mark, June WTI slipped below unchanged. July Brent traded ove ... Read More
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A global oversupply of oil has been almost eliminated

May 15, 2018
Recap: According to an OPEC report put out on Monday, the global oil glut has almost been eliminated; however, its members and outside participants in the cuts continue to operate at lower rates. This pushed oil prices higher, with Brent reaching its highest level since November ... Read More
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US drillers added 10 rigs to their count, bringing the total number to 844

May 14, 2018
Recap: Oil prices held near multi-year highs despite U.S. energy companies adding to the number of active oil rigs for the sixth straight week. According to Baker-Hughes U.S. drillers added 10 rigs to their count, bringing the total number to 844, the highest level since March 20 ... Read More
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Analysts at BofA Merrill Lynch put out a report calling for the possibility of Brent reaching $100 dollars

May 11, 2018
Recap: After posting early gains, oil prices slipped on Thursday as traders decided to take profits after Tuesday’s wild session and Wednesday’s follow through to the upside. The downside was limited as market participants continue to grapple with the situation in Venezuela amid ... Read More
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