Api

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 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...

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...