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Crude continues to trade above the $80 level as investors waited for a raft of economic data scheduled to be released over the next 48 hours.
Yesterdays weekly inventories showed a build of 4.1mn barrels, well above the anticipated 1.1mn barrels. Despite this build, a weakening Dollar helped keep the price buoyant.
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ICE BRENT CRUDE [...]
The oil market continues to be range bound as it trades in and around the $80 level.
API data released last night showed inventories growing more than expected last night, so all eyes move now to today’s weekly inventory numbers by the Energy Information Agency. The US Dollar may move this afternoon upon release of the [...]
Oil pulled back from the $80 levels as traders mulled over mixed signals over the strength of the US economy.
Yesterdays manufacturing numbers showed output rose for a seventh straight month, albeit it fell short of expectations. Strength of the US Dollar also meant that oil struggled to surge past the psychological $80 level.
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ICE [...]
Oil is trading back over the $80 level as the US Dollar remained stable, and the US’s better than expected revised GDP numbers on Friday helped build confidence.
Further bullish news from Europe with regards to a stable jobs market has given market bulls reason to believe that the economic recovery will not pull back, and [...]
Oil continues to trade at the $80 level as Bernanke soothed market fears that interest rates would follow the discount rate by being raised in the near future.
As the Fed Chairman said that rates would remain at current levels, this increased confidence that global demand wouldn’t be hit by increased rates. The US Dollar [...]
Oil pulled back from the $80 level despite the API reporting that inventories dropped last week, which indicates larger demand.
Crude inventories fell 3.1mn barrels last week, whilst analysts had expected a drop of 2mn. All eyes will now turn to the weekly oil inventory release this afternoon, and the start of the two day [...]
Oil’s two week rally consolidated in and around the $80 level as we now await to see if the run will continue, or will profits be taken off the table?
The Dollar has retreated, thus helping keep the oil price up, so the next big hurdle is tomorrows weekly oil inventory release and Bernanke’s two day [...]
The falling US Dollar has helped push the price of oil back over the $80 level, as traders will now look to see if we can breach the $83 highs of January 2010.
Oil is now up by 12% over the past fortnight, and we are now trading at six week highs as investors eye bullish [...]
Yesterdays oil inventories showed crude stocks rise by 3.1mn barrels last week, higher than analysts’ expectations of 2.2mn barrels.
News of the surprise rate hike in the US meant that the Dollar gathered strength, pushing oil lower. Once again we see the price challenging the $80 level, so one needs to see if it breaks [...]
Crude traded lower as the US Dollar rallied. The move out of the Euro and the Australian Dollar helped push up the Dollar Index, as traders sought the relative safety of the greenback.
Having rallied hard on Tuesday, some profits look to be have taken, so we are looking to see if the weekly inventories [...]
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