By Srinivas Chowdary Sunkara // petrobazaar // 6-3-18
Crude posted biggest one day gain in 3 weeks on Monday
On Monday, Both the crude oil futures continued weekend rally and closed higher.Disruptions in Libya's oil production over the weekend and falling stocks at U.S major key storage hub as reported, pushed oil prices up. Traders weighed the IEA's comments on demand growth and the rising U.S output to cater the global demand.
Key individuals in energy sector are gathered in Houston, Texas at CERA conference which will last through out the week. Another interesting factor is Trump's tariffs which could push up oil prices. It is interesting to see the rest of the world's reaction on U.S stand.
Crude oil price update
U.S crude oil futures, WTI for April delivery rose $1.33 or 2.17 percentage at $62.58 a barrel on Nymex while Brent futures to be delivered in May went up by $1.22 or 1.9% higher at $65.59 per barrel on London based ICE futures Europe exchange. Both the oil futures are opened up and trading in bullish mood at the time of reporting.
API report is awaited today. Libya resumed operations. In my opinion, Market is in optimistic mood but needs a direction. IEA's estimated Strong demand growth is supporting and any news from Houston on supply cuts will drive the market. Apart from that i dont find any strong reason to be bullish throughout the day.
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