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Crude steady as DoE oil stocks build lower than API estimate

February 15, 2017 10:56 AM
Crude oil prices have been on a roller-coaster ride to absolutely nowhere in recent weeks. It appears as though the buying and selling pressure in finely balanced. Bullish speculators are encouraged to remain in the game because of the OPEC’s efforts to reduce supply. Bearish traders are encouraged by signs of renewed rise in oil production in the U...

Crude struggles despite surprise draw in US oil stocks

December 14, 2016 12:37 PM
Crude oil struggled to hold onto its initial gains made on the back of the official US oil inventories report. Both contracts initially bounced nicely after the EIA data showed a surprise drawdown of 2.6 million barrels in US oil stocks, rather than a large build as had been reported by API last night. However, it wasn’t all good news as the EIA als...

Crude oil remains pressured despite US inventory draw

October 26, 2016 1:17 PM
The West Texas Intermediate (WTI) benchmark for US crude oil prices surged on Wednesday after the Energy Information Administration (EIA) reported that US commercial crude inventories fell by 553,000 barrels last week. The markets had been expecting a substantial build in stockpiles, particularly after Tuesday’s report from the American Petroleum In...

Crude oil struggles to shake off oversupply concerns

September 14, 2016 8:42 AM
Oil prices have been extremely volatile of late, without making any significant progress in either direction. The long and short of it is that the stream of mostly negative news has helped to halt the recent rally, while ahead of this month’s informal meeting of the OPEC in Algeria not many people will want to be betting boldly on an oil price plung...

Crude turns positive ahead of oil data

August 24, 2016 9:52 AM
Oil prices swung wildly into the positive territory yesterday. The rally eventually came to a halt around the $50 handle for Brent and $48 for WTI, and both contracts have been trending lower from these levels until an hour or so ago. It looks like oil prices have now found some short-covering support ahead of today’s official US crude oil inventori...