Brent Steady, Supply Still Weighs On Prices
Brent crude (BNO, quote) oil traded steadily at $102.10 at 8:10 GMT as the global supply glut weighed on prices.
Crude oil
Brent Steady After Strong Chinese Data
Brent crude oil (BNO, quote) traded near $108 on Thursday morning after unexpectedly strong Chinese data suggested rising global demand.
Volume & big draw in inventories combine to help oil futures
Crude oil futures finally managed to find some bullish momentum today, courtesy of the oil inventories from Cushing, which helped oil to reclaim the $100 per barrel level, to currently trade at the time of writing at $101.26 per barrel.
Oil prices continue to remain bearish – $100 per barrel in sight!
Oil prices continued to move firmly lower once again in yesterday’s oil trading session with the WTI futures contract for August closing at $102.29 per barrel, and ending with a wide spread down candle as the commodity lost over a dollar per barrel on the day.
Oil prices continue to drift lower in early trading
Oil continues to find it hard work, building on the bullish breakout of mid June, having moved into a sustained phase of price congestion over the last few weeks, as it continues to slide lower ahead of today’s oil inventories report.
Commodities (oil) reflect the global tensions
In any escalation of political tension oil and gold are the two key commodities to watch. For oil the breakout and surge higher was largely driven by events in Iraq coupled with supply issues at Cushing, both of which combined to help power the WTI crude oil (USO, quote) contract up to the $107 per barrel price point as evidenced by last Thursday’s wide spread up candle.
Brent Steady On Promising Global Appetite
Brent crude oil (BNO, quote) was steady above $108 as encouraging data from the world’s top two consumers helped raise the global demand outlook.
Oil prices pause once again at stubborn resistance level
Oil appears to have run out out of steam once again, following the bullish rally during May, with $104 per barrel once again proving to be a major stumbling block, and as shown on the daily chart with the yellow dotted line.
Brent Strong On US Stock Draw
Brent crude oil (BNO, quote) prices climbed as problems in Libya continued and US crude inventory data showed that the nation’s stocks fell last week.
Brent Near Three Week High On Supply Worries
Brent crude oil (BNO, quote) made its way above $110 on Thursday as rising tension in Ukraine raised concerns about supply interruptions.