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The EIA reported a steep drop in U.S. crude oil stocks

February 28, 2019
Recap: Crude oil prices received a double boost on Wednesday after the EIA reported a steep drop in U.S. crude oil stocks and from suggestions by Saudi Arabia that OPEC’s production cuts could be extended into the second half of 2019. The bullish EIA report showed U.S. crude oil ... Read More
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The oil market stabilized on Tuesday on signs that OPEC plans to maintain its production cuts

February 27, 2019
Recap: The oil market stabilized on Tuesday on signs that OPEC plans to maintain its production cuts despite the pressure from US President Donald Trump to ease its efforts to support oil prices.  The market breached Monday’s low and posted a low of $55.02 in overnight trading as ... Read More
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Despite progress in trade talks between the U.S. and China, oil futures gave up early gains

February 26, 2019
Recap: After posting fresh three month highs on Friday, crude oil prices fell sharply lower Monday following tweets by U.S. President Donald Trump calling on OPEC to “relax and take it easy” on boosting oil prices. Despite progress in trade talks between the U.S. and China, oil f ... Read More
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Crude oil futures advanced for the second straight week

February 25, 2019
Recap: Crude oil futures reversed course on Friday to advance for the second straight week, as prices gained on upbeat trade talks between the U.S. and China. Both Brent and WTI rose to fresh highs for the year, posting their highest level since November 2018. Brent for April del ... Read More
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The EIA reported that U.S. crude oil inventories rose by 3.7 million barrels

February 22, 2019
Recap: Crude oil futures finished below unchanged after the EIA report showed that U.S. crude oil inventories rose by 3.7 million barrels, marking the fifth straight week of gains. Record U.S. production, combined with global economic concerns also weighed on prices. April WTI ro ... Read More
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EIA reported that US shale production in March is expected to reach a record 8.4 million bpd

February 21, 2019
Recap: On its last trading session, the March crude contract rallied more than 1% to its highest level this year.  The crude market posted a low of $55.48 early in the session as the market was pressured by Tuesday’s EIA report stating that US shale production in March is expecte ... Read More
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Oil prices were mixed on Tuesday, with both Brent and WTI falling in early trading

February 20, 2019
Recap: Oil prices were mixed on Tuesday, with both Brent and WTI falling in early trading, but as the dollar weakened, WTI rebounded, erasing early losses. After falling 1.9 percent to a session low of $55.29, WTI reversed course to trade above unchanged. Brent, which peaked at $ ... Read More
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Oil prices posted gains for the fourth straight session

February 19, 2019
Recap: Oil prices posted gains for the fourth straight session after it was reported that the Safaniyah oil field in Saudi Arabia, the world’s largest, is producing at a reduced rate after a ship’s anchor cut a main power cable. This, combined with signs that OPEC lead production ... Read More
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Oil prices suffered an early morning hit after a report showed that U.S. retail sales fell 1.2 percent

February 15, 2019
Recap: After rising for the third straight session, oil prices suffered an early morning hit after the U.S. Commerce Department released a report showing U.S. retail sales fell 1.2 percent, the largest decline since September 2009. Brent, which rose to a fresh high for the year, ... Read More
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There was a 3.6 million barrel increase in U.S. crude oil inventories

February 14, 2019
Recap: Oil prices rose on Wednesday after Saudi Arabia announced that it would make further production cuts and lower its exports of crude oil. March WTI rose 2.8 percent, to a high of $54.60 a barrel, while April Brent rose 2.4 percent to $63.98 a barrel. Gains were kept at bay ... Read More
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