By Srinivas Chowdary Sunkara // petrobazaar // 21-3-18.
Crude prices on rise
Yesterday, Both the crude oil futures advanced above one percentage after a release of API report. Geo-political tensions in Middle east, weaker dollar and strong demand were the supporting factors. Surging U.S production numbers looming over oil market.
Saudi crown met U.S president during his 2 weeks visit to U.S. Any news out of this meeting could spur oil prices. Azerbaijan, likely joining OPEC cartel. API reported a draw in U.S crude stocks during the last week. FIS commented that U.S crude oil exports in 2017 were nearly double those of 2016 and china accounted for 20 percent of the total increase.
Crude oil price update
On Tuesday, U.S crude futures (WTI) spiked by $1.48 or 2.38 percentage increase at $63.54 a barrel on Nymex while Brent futures went up by $1.37 or 2.07 percentage at $67.42 per barrel on London based ICE futures Europe exchange. Today both the futures opened up and trading in positive territory at the time of reporting.
API reported that both crude and product stocks were down during the last week. U.S government agency need to confirm. I agree with FIS comment that geopolitics is the fly in the ointment that spur oil prices. based on the above factors I am in the opinion that market may move up slowly till the time of EIA publish weekly numbers today. weekly numbers will decide further movement.
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