By Srinivas Chowdary Sunkara // petrobazaar // 25-3-2018.
Crude prices rose more than 5 percent during the week.
In the beginning of the week, Crude oil prices struggled to find the direction after a sharp rise on the previous week's ending session. News on political tensions and weak dollar supported the oil amid over supply fears on Monday to Tuesday. Bullish Weekly statistics backed the oil in the middle of the week. The Saudis classic tactic of floating the idea of pushing the production cuts into 2019 helped both the oil futures to close with weekly gains of above 5 percentage on Friday.
EIA reported drawings in U.S crude and product stocks while Production numbers have gone up by 0.25% from previous week. Export volumes are increased and Import volumes are decreased. U.S crude oil inputs were pushed up amid creeping refinery utilization percentage. According to Baker Hughes rig data, 4 oil rigs were inducted into U.S drilling industry with over all oil rig count of 804.
Crude oil price update
On Friday, U.S. WTI crude oil futures rose $1.58 per barrel at $65.88 on Nymex where as Brent futures advanced $1.54 a barrel to close at $70.45 on London based ICE futures Europe exchange. Brent futures spiked by $4.24 while WTI futures are increased by $3.54 per barrel during the week.
Oil rigs are getting added continuously, an early indication of production up is a concern. One need to ponder to enter into crude market at this movement of volatile equity markets affected by expected trade war among world markets. I expect oil traders will prefer to book profits in the coming week except in a situation where bulls continue to sense positive news.
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