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Brent US benchmark crude oil in the United States of Texas, both intermediate and international, managed to post a slight gain for the shortened week, but volatile and bilateral price fluctuations have indicated that cracks could develop in the market. bullish.
Limited crude oil earnings
Although it reached a new high of five months earlier in the week, it was Thursday's rise that prevented crude oil markets from closing lower for the week. Nevertheless, this week's price action suggests a very heavy market. However, we realize that trading below average before the holidays may have had an effect on trade.
For the week, WTI crude oil in June was $ 64.07, down $ 0.05 or -0.08% and crude oil in June Brent at $ 71.97, up $ 0.42 or + 0.58%.
The news tended to be rather optimistic late in the week, as markets were underpinned by lower crude oil shipments from Saudi Arabia, the largest exporter, and lower oil inventories in the United States. Gains could have been limited by a stronger US dollar that tends to limit foreign demand for US oil, and by weaker US stocks that have reduced the demand for higher risk badets.
News from the supply side
Saudi Arabia's crude oil exports fell by 277,000 barrels a day, just under 7 million bpd in February from the previous month, according to data from the Joint Organizations Data Initiative.
On Wednesday, the EIA announced that US crude inventories had dropped 1.4 million barrels during the week that ended on April 12. The…
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