Daily oil prices pop back above $50/bbl, helped by positive equity markets and dollar weakness which was prompted by the European Central Bank’s unexpectedly 25-basis point interest rate cut. Nymex May crude +$3.21 at $51.60/bbl.
Home » Posts tagged "spot oil price" (Page 3)
Oil Market News – 1st April 2009
Recent comments from Iran’s OPEC representative saying that further oil production cuts may not be necessary as the price of crude may have found a floor prompted a look at the arguments for either a rise of fall in daily oil prices. Bullish factors include:...
Daily Oil Prices – WTI Chart 27th March 2009
In the face of a slight rebound in the US dollar, the advance in crude oil prices was supported by a further strengthening in the equity markets. Some ‘extra ammo’ definitely came from a bullish technical picture which possibly triggered institutional buying. Despite talks of...
Oil Prices Today – 26th March 2009
Crude oil prices came under pressure yesterday throughout the trading session with their decline being largely driven by the sell off in the equity markets. A comment from Treasury Sec Timothy Geithner saying that the US would be open to an expansion of the IMF...
OIL STATS – 25th March 2009
US crude oil inventories increased 3.3 million barrels in the week ending 20th March. Analysts had been expecting a rise of about 1.2 million barrels. At 356.6 million barrels crude oil inventories are now above the upper limit of the average range for this time...
WTI Oil Futures Direction – Monthly Candle Chart
Last year’s factors of a weak US dollar and technical elements in the chart for daily oil prices which helped to propel the oil price to new heights should not be discounted again this year. Despite the current battle between bearish energy fundamentals and the...
Crude Oil Prices Today – 24th March 2009
Daily oil prices advanced further yesterday on general optimism in the markets following the Treasury Department’s program that may generate a $1 trillion in financing to buy illiquid assets. The plan to use up to $100 billion in funds from the Troubled Asset Relief Program...
Oil Trading News Update – 23rd March 2009
Crude oil futures settled up $1.73 at $53.80 after trading in a $51.62 to $54.05 range. The front contract is now at the highest since November 28th. This advance to multi week and multi month highs is partly bullish market response to today’s Treasury bank...
Crude Oil Prices Today – 23rd March 2009
Crude oil prices showed an impressive resilience on Friday, maintaining the recent strong gains after shrugging off a significant decline in the stock market and some strengthening in the US dollar against the Euro. It did so amidst a lack of bullish input and following...
Crude Oil Prices – 20th March 2009
Oil prices opened lower Friday in early trading, but stayed around $51 a barrel after the dramatic U.S. central bank moves to inject $1 trillion into the financial system, and the bullish tone is now starting to take effect again this morning. The move up...
