Developed in conjunction with Joomla extensions.

Oil prices plunged by more than 4 percent on Monday, and the selloff continued in early trading on Tuesday, pushing WTI down below $48 per barrel amid reports of rising U.S. oil inventories at a time when global equities were sharply down. Oil prices dropped 4 percent, weakening for a third consecutive session as reports of swelling inventories and forecasts of record U.S. and Russian output. U.S. crude oil dropped $2.04, or 4.1 percent, to a low of $47.84, its weakest since September 2017, before recovering to around $48.53. Brent crude lost $2.41, or 4.0 percent, to a 14-month low of $57.20.

0
0
0
s2sdefault

Following the longest consistent bear market and losing streak since 1984 the Dated Brent benchmark plummeted from a height of $86.74 per barrel in early October a 4 year high to $60.21 per barrel a lost of 30% of its value or just under $25 a barrel . Unlike many experts who predicted a bull market that would see the Dated Brent break the $100 barrier, this analyst rightly predicted the intervention of US foreign policy and the newest element

0
0
0
s2sdefault

The Trump administration’s decision to grant waivers to eight buyers of the Iran’s crude has helped to limit the price gains. The long awaited  sanctions took effect today, but the Trump administration late last week announced it had granted waivers to eight countries, China, India, Italy, Greece, Japan, South Korea, Taiwan and Turkey. Oil futures had been under pressure in recent weeks , with Brent slumping more than 14% over the past four weeks as both it and WTI, the U.S. benchmark, corrected from a high prompted by the Us hardline on sanctions turning the market bullish. The fall  reflected growing confidence that increased output by Saudi Arabia and Russia would offset any loss  of Iranian crude due to  sanctions. Many commentators had forecast a bull market taking speculative long positions in anticipation of a steep spike. In October production  from the world's top  3 producers - Russia, the United States and Saudi Arabia rose to over  33 million bpd  up 10 million bpd since 2010.

0
0
0
s2sdefault

Despite impending Iran sanctions oil prices are set for their worst monthly performace since July 2016. Benchmark Brent crude oil was still down 8 cents at $75.83, reversing some of its earlier losses. The contract fell 1.8 percent on Tuesday, at one point touching its lowest since Aug. 24 at $75.09.

0
0
0
s2sdefault

The American Petroleum Institute (API) reported a huge build of 9.88 million barrels of United States crude oil inventories for the week ending October 19, compared to analyst expectations that this week would see a hefty build in crude oil inventories of 3.694 million barrels.

Last week, the American Petroleum Institute (API) reported a surprise draw in crude oil inventories of 2.13 million barrels for the week. One day later, the Energy Information Administration reported a build instead, of 6.5 million barrels.

The API reported a draw in gasoline inventories as well for week ending October 19 in the amount of 2.8 million barrels. Analysts had predicted a draw of 1.878 million barrels for the week.

0
0
0
s2sdefault

Nigerian crude lifting program for November is set to reach a 6 month high with a loading program of 59 cargoes. It will reach 1.876 million bpd up from the previous month of 1.6 million bpd. The increase in export is driven by Nigeria's four main export streams of Forcados, Bonga, Bonny Light and Qua Iboe which will rise to 822,967 bpd in November, from 728,258 bpd in October. Agbami will also export an additional cargo. The rest of the program is broadly the same as October with the inclusion of an Akpo condensate cargo.

0
0
0
s2sdefault

Oil prices seem to have stabilized after a steep selloff mid-week. Brent fell from around $85 to $80 over a two-day span, but prices were back up slightly on Friday. The global stock market plunge has had a negative effect on crude benchmarks demonstrating crude oil price volatility in response to global equity markets and the recent US dollar strength. The crude selloff was predicated on concerns that an overheated US economy could soon contract and reduce demand growth going forward. These fears ebbed somewhat after US equity markets opened higher on Friday, snapping back-to-back sessions of sharp declines. The drop in prices was amplified by The bearish figures eminating from the EIA it reported a 6-million-barrel increase in crude oil inventories 409 million due in part to record high production of 11.2 million b/d

0
0
0
s2sdefault