|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's Range||17.01 - 17.15|
|52 Week Range||11.88 - 17.52|
|PE Ratio (TTM)||N/A|
|Expense Ratio (net)||0.15%|
The key to the direction of the crude oil market this week is likely to be determined by the price action in the Brent crude oil market. The rig count data is also short-term positive.The IEA and OPEC data is potentially bearish for the WTI futures contract. Additionally, the increased production noted by the EIA in its weekly report is also a negative.
We’re likely to continue to see a two-sided trade over the near-term, however, a downside bias appears to be forming.
WTI prices haven’t moved much in a month. This may change if the hedge funds decide they want to keep their money out of a sideways market and put it to work in another market that is trending.
WTI crude oil prices dipped lower on Tuesday and trade higher on Wednesday morning as investors respond to the Forties pipeline shutdown and bets for a big drop in US crude supplies.
Early Wednesday, WTI and Brent are trading inside yesterday’s ranges. This suggests investor indecision and impending volatility. Traders are likely to make up their minds following the release of the U.S. Energy Information Administration’s weekly inventories report at 1530 GMT.
A Reuters poll estimated that WTI crude oil (USL) prices could average $54.78 per barrel in 2018 after extending the production cuts.
On December 11, 2017, Brent crude oil (BNO) active futures settled $6.7 more than WTI (West Texas Intermediate) crude oil (USO) (UCO) active futures.
Reuters estimated that Iraq’s crude oil production fell by 50,000 bpd (barrels per day) to 4,330,000 bpd in November 2017—compared to the previous month.
Prices could continue to firm over the near-term with Brent widening its spread over WTI. There is a lot of oil affected by this shutdown so supply is going to be reduced. Brent crude oil could rise to $67.00 to $70.00 over the short-run. This may be a big enough move to pull WTI crude to $60.00 a barrel.
The Brent crude oil-related ETF continued to rally Monday as Brent futures hit its highest level in two years after a key North Sea pipeline was shut down. The United States Brent Oil Fund (NYSEArca: BNO), ...
The direction of today’s trade hinges upon whether investors can overcome fears of increasing U.S. production which rose to 9.71 million barrels per day (bpd) in the U.S. Energy Information Administration’s latest report.
Oil prices edged higher on Friday but dropped on Monday morning as investors react to the latest rise in the U.S. rig count which indicated to a further rise in U.S. production.
The crude oil market is susceptible to heavy fund liquidation so prices are likely to continue to weaken over the near-term.
U.S Crude Oil runs upwards has begun to meet with stiff resistance. Heavy selling took place yesterday and U.S Crude Oil may continue to see speculative selling in the short term.
Traders drove prices higher initially on the crude oil news, but the rally was stopped and prices turned lower in reaction to the gasoline and distillate reports.
On December 5, 2017, Brent crude oil (BNO) active futures were priced $5.24 higher compared to WTI crude oil (USO) (UCO) active futures.
Late Monday, the American Petroleum Institute (API) reported a large draw of 5.481 million barrels of United States crude oil inventories for the week-ending December 1. Gasoline inventories disappointed with a massive build of 9.196 million barrels.
The selling pressure is continuing on Tuesday with both the WTI and Brent futures contracts threatening to change their respective trends to down on increasing concerns over U.S. production.
Oil prices dipped lower on Monday and continue to trade lower on Tuesday morning as traders take profit back of the recent rally as their focus shifts to the U.S crude output.
Gold has experienced selling pressure and is retesting lows seen on Friday. Technical traders may believe both the Euro and Pound may face selling pressure today. The Euro has seen a slight sell-off early today, the currency remains within sight of 1.19 against the U.S Dollar.
U.S. West Texas Intermediate and international-benchmark Brent crude oil are trading lower early Monday in reaction to the news that U.S. shale drillers added more rigs last week. At 0651 GMT, January WTI crude oil is trading $57.95, down $0.40 or -0.70% and February Brent is at $63.43, down $0.30 or -0.47%. According to energy services firm Baker Hughes, U.S. drillers added two oil rigs last week, bringing the total count up to 749, the highest level since September.