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WTI rose to its highest level since March 8

June 1, 2021
Recap: Oil futures swung from gentle losses to gentle gains on Friday, struggling for direction, supported by firm demand, with OPEC+ appearing to have global supply under control despite worries about Iranian supply and Asian COVID-10 case spikes. WTI rose to its highest level s ... Read More
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U.S. crude futures have been stuck in a $10 trading range since March

May 28, 2021
Recap: Oil prices reversed early losses on Thursday, supported by strong U.S. economic data that waylaid trader’s concerns about the potential for a rise in Iranian supplies. A rise in equities also lent support, while the dollar hovered around the unchanged level. U.S. crude fut ... Read More
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The EIA reported 1.7 million barrel draw in U.S. crude oil inventories

May 27, 2021
Recap: Oil futures pared early losses on Wednesday after the EIA reported 1.7 million barrel draw in U.S. crude oil inventories. Although the decline was a minor one, U.S. crude oil stockpiles stand at 484.3 million barrels, which is below the five-year seasonal average and the s ... Read More
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Oil futures were slightly higher on Tuesday

May 26, 2021
Recap: Oil futures were slightly higher on Tuesday as we approach the U.S. Memorial Day Holiday weekend when demand for gasoline typically picks up. Prices also gained as the U.S. dollar declined to a 19-week low versus a basket of currencies as inflation worries recede. However, ... Read More
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Oil futures scored their highest finish in a week

May 25, 2021
Recap: Oil futures scored their highest finish in a week, as doubts that an Iranian nuclear deal would surface any time soon. A lack of cooperation by Iran, as well as “skeptical comments about Iranian compliance” by U.S. Secretary of State Anthony Blinken, both “lower the odds t ... Read More
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Barclays said a gradual oil demand recovery is largely on track as economies re-open

May 24, 2021
Recap: On Friday, the oil market posted an outside trading day following three consecutive days of losses, as it continued to trend lower in overnight trading before it rallied sharply higher.  Early in the session, the market remained pressured and posted a low of $61.56 as it b ... Read More
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The global oil markets remained on the defensive for the third consecutive day

May 21, 2021
Recap: The global oil markets remained on the defensive for the third consecutive day today as news reports swirled that Iran could soon see oil sanction relief. The Iranian president Thursday confirmed that the negotiations between the U.S and other world powers and Iran were on ... Read More
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Oil futures fell to their lowest settlement in more than three weeks

May 20, 2021
Recap: Oil futures fell on Wednesday, logging their lowest settlement in more than three weeks, pressured by overall losses in the broader financial market, as traders ruminated over the first weekly U.S. crude oil inventory rise in three weeks. At one point during trading, June ... Read More
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Oil futures fell from a two-month high on Tuesday

May 19, 2021
Recap: Oil futures fell from a two-month high on Tuesday as news broke that the U.S. and Iran have made progress on reviving a deal restricting Iran’s nuclear weapons development, which could lead to extra barrels of oil on the open market. Prices plunged nearly 2%, but losses we ... Read More
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Oil futures rose more than 1% on Monday

May 18, 2021
Recap: Oil futures rose more than 1% on Monday, with WTI climbing to its highest level in two years. Prices were lifted by European economic reopenings and rising U.S. demand after prices fell earlier due to surging coronavirus cases in Asia and underwhelming Chinese manufacturin ... Read More
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