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EIA reported a build of 2.1 million barrels in US crude oil inventories

June 7, 2018
Recap: Oil prices traded higher on the initial opening, gaining support on reports that Venezuela may default on some of its contracted crude oil exports. The higher move was short lived, as a selling frenzy followed the release of the EIA report, with WTI reaching its lowest lev ... Read More
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Brent slipped to its lowest level in a month and WTI fell to a one and a half month low

June 6, 2018
Recap: Brent slipped to its lowest level in a month, while WTI fell to a fresh one and a half month low after it was reported that the U.S. had asked Saudi Arabia and other members of OPEC to increase output. August Brent hit a low of $73.81 a barrel, falling short of $73.66, its ... Read More
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WTI was pushed to its lowest level since April 10th

June 5, 2018
Recap: An upsurge in U.S oil production, combined with an increase in the number of active oil rigs, pushed WTI to its lowest level since April 10. July WTI slipped below $65.51, the 50% retracement from February’s low of $58.11, when prices began their ascent, and May’s high of ... Read More
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The differential between Brent and WTI increased to double digits on Friday

June 4, 2018
Recap: The oil market continued to trend lower on Friday as Brent’s premium over WTI  continued to trade at a three-year high.  The differential between Brent and WTI increased to double digits on Thursday for the first time since March 2015 and settled at $11.02 on Friday, basis ... Read More
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EIA report showed a draw of 3.6 million barrels in US crude oil

June 1, 2018
Recap: WTI slipped on Thursday, pressured by unexpected builds in U.S. distillate and gasoline inventories as reported by the EIA. Trader’s pushed prices higher on their initial reaction to the report, which showed a draw of 3.6 million barrels in U.S. crude oil inventories; howe ... Read More
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A rise in equities and a slip in the dollar added strength to the market

May 31, 2018
Recap: WTI reversed 5 straight days of declines, as Russia’s central bank cautioned against plans to boost output and on forecasts calling for a decline in U.S. crude oil inventories. A rise in equities and a slip in the dollar added strength to the market. Both blends climbed st ... Read More
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On Tuesday WTI fell as much as 3 percent

May 30, 2018
Recap: Last week’s slide in oil prices continued on Tuesday, with WTI falling as much as 3 percent, as hedge funds gave up on bets that prices had more upside potential. Spot WTI fell below $66 a barrel, slipping below the 50-day moving average for the first time since April 6th. ... Read More
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Russia and Saudi Arabia are discussing raising OPEC and non-OPEC oil output by 1 million bpd

May 29, 2018
Fundamental News: Russia’s Energy Minister, Alexander Novak, said that the process of easing global oil output cuts will likely be a gradual one.  He discussed the issue earlier on Friday with OPEC’s Secretary General and Saudi Arabia’s Energy Minister.  Russia and Saudi Arabia a ... Read More
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Oil prices slipped on growing expectations that OPEC will increase its output to alleviate any shortfalls

May 25, 2018
Recap: Oil prices slipped for the third straight session on growing expectations that OPEC will increase its output to alleviate any shortfalls due to U.S. imposed sanctions against Iran and dwindling output from Venezuela. Prices also fell as traders booked profits ahead of the ... Read More
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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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