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The EIA reported a build of 6.8 million barrels in U.S. crude oil inventories

June 6, 2019
Recap: Oil prices fell to their lowest level since the beginning of January as the EIA reported a shocking build of 6.8 million barrels in U.S. crude oil inventories, which rose to their highest level in almost two years. Futures strengthened slightly early in the session and the ... Read More
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Oil traders looked to take advantage of the nearly 5 month low in oil prices

June 5, 2019
Recap: Oil prices rebounded after suffering early losses on Tuesday, ending a four day losing streak. A recovery in equities prompted oil traders into bottom picking mode, as they looked to take advantage of the nearly 5 month low in oil prices. Both Brent and WTI were trading lo ... Read More
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Saudi Arabia offered some reassurance that OPEC and its allies would continue to tighten the market

June 4, 2019
Recap: The oil market continued on its downward trend and posted a low of $52.11 when the market reopened on Sunday night.  However, the market bounced off its low and retraced its losses after Saudi Arabia offered some reassurance that OPEC and its allies would continue to tight ... Read More
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The oil market plunged on Friday to almost a three-month low

June 3, 2019
Recap: The oil market plunged on Friday to almost a three-month low after President Donald Trump, late Thursday, announced a plan to impose a 5% tariff on all goods coming from Mexico starting on June 10th and raise them to 25% over the following four months until illegal immigra ... Read More
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The API report showed a larger than expected draw in crude stocks

May 31, 2019
Recap: The crude market posted an outside trading day after it rallied higher in overnight trading after the API report showed a larger than expected draw in crude stocks late Wednesday afternoon and sold off sharply, ending Thursday’s session at its lowest level since March 8th. ... Read More
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The oil market opened lower and erased its previous gains

May 30, 2019
Recap: The oil market opened lower and erased its previous gains, as concerns over the trade war between the US and China outweighed supply disruptions.  The market was weighed down by the weakness in the equities market as China signaled readiness to escalate the trade war with ... Read More
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The number of rigs searching for oil fell to the lowest level since March 2018

May 29, 2019
Recap: On Tuesday, the oil market extended Friday’s rebound following the long Memorial Day weekend.  The market weighed Friday’s Baker Hughes report showing that the number of rigs searching for oil fell to the lowest level since March 2018 and the escalating US-Iran tensions.  ... Read More
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Oil prices were pressured by concern over economic slowdown

May 28, 2019
Recap: Oil prices firmed on Friday ahead of the long U.S. and UK 3-day holiday weekends, but posted their largest weekly loss so far this year. It was a wild week for oil prices, which were pressured by trade tensions between the U.S. and China, rising U.S. crude oil inventories ... Read More
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Trade tensions between the U.S. and China dimmed the outlook for demand

May 24, 2019
Recap: Oil prices plummeted on Tuesday, as trade tensions between the U.S. and China dimmed the outlook for demand. Brent crude futures fell to their lowest level in 8 weeks, with the July contract slipping 5.5%, to a session low of $67.02 a barrel. July WTI slumped 6.6% to a 10 ... Read More
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The EIA reported an unexpected build in U.S. crude oil inventories

May 23, 2019
Recap: Oil prices fell as much as 2% on Wednesday as the EIA reported an unexpected build in U.S. crude oil inventories. According to the report, U.S. crude oil inventories grew by 4.7 million barrels in the week ending May 17, to their highest level in almost 2 years. Analysts w ... Read More
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