Home » Money

Oil prices climbed in month of March

09 April, 2018, 00:21 | Author: Samuel Sharp
  • WTI Crude Oil

U.S. crude oil inventories decreased last week ending March 30, and the refining sector input 141,000 barrels per day more than the previous week's average, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.4% at $65.18 a barrel.

June Brent crude futures LCOc2 were down 11 cents at $68.65 a barrel, while the May contract LCOc1, was down 9 cents at $69.44. Shanghai September crude futures were at 415.6 yuan ($66.26) per barrel, up 0.9 percent.

"Oil prices are profiting from the general brightening of sentiment on the markets as signs emerge that the trade dispute is easing between the USA and China", analysts at Commerzbank said in a note.

Oil prices have moved in tandem with the US stock market throughout the year, though that relationship has broken down somewhat in the last few weeks.

Meanwhile, Japan's oil demand decline is set to accelerate amid a shrinking population. The oil rig count has been generally rising since June 2016.

Rig count in the USA has gone up by 6 rigs to 990 last week, according to a report by services firm Baker Hughes. Looking at reactions in markets, crude oil prices strengthened following the EIA report.


The main pressure on prices this week has been the fear of a trade war between China and the US.

China today confirmed a 25 per cent levy on $50bn (£36bn) worth of US goods, including vehicles and agricultural products like soybeans, in response to US President Donald Trump's planned tariffs on on Chinese goods.

The strength of the USA dollar was a headwind for oil, said Bill Baruch, president of Blue Line Futures in Chicago.

The markets enjoyed renewed optimism after China threatened the U.S.'s soybean industry, the country's top agricultural export to China.

Trade sources told Reuters on Monday that Saudi Arabia was expected to cut prices for all crude grades it sells to Asia in May to reflect weaker prices for its Middle East benchmark Dubai crude. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. This article is strictly for informational purposes only. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

Recommended:

  • Salman khan gets bail after 38 hours in jail

    Salman khan gets bail after 38 hours in jail

    His attorney Mahesh Bora has challenged the conviction and sentence, and Khan will remain free pending the outcome of the appeal. He had told the court that the eyewitness in the case was "not reliable" and "it was never proved that he had firearms".
    Bahrain Grand Prix qualifying results: Sebastian Vettel on pole, Lewis Hamilton disaster

    Bahrain Grand Prix qualifying results: Sebastian Vettel on pole, Lewis Hamilton disaster

    Despite making a small improvement, Vettel found 0.063s more on his own attempt to sneak ahead in the closing seconds. Ferrari looked to be the team to beat throughout the Bahrain practices and it was more of the same in qualifying.
    Pakistan, Afghanistan agree to achieve objectives of regional security

    Pakistan, Afghanistan agree to achieve objectives of regional security

    It will be his first visit since becoming prime minister past year , replacing Nawaz Sharif who was ousted from office. The spokesperson said it is also important that Afghan government should refrain from blame game.
  • Global markets continue to fall amid fears of trade war

    Treasuries, currency devaluation, or seeking a rare earth ban. "Well, fellas, we've already lost the trade war ", Trump said. A second point to be considered is the large export capacity of the USA , which Brazil will not be able to replace.
    The reel life, Harry & Meghan: a Royal Romance; trailer released

    The reel life, Harry & Meghan: a Royal Romance; trailer released

    While the reported performers are all British talents, it is not implausible for Jennifer Hudson to get the royal gig. It was the first time that the couple made their first public appearance together past year in Toronto.
    Demi Lovato owns body insecurities

    Demi Lovato owns body insecurities

    Lovato has been open about her struggles with her body, admitting that she purged after her split from Wilmer Valderrama . Demi Lovato has definitely surpassed her Disney days, but it doesn't mean she can't hang out with the old crew!
  • NYPD releases video in connection with police-involved fatal shooting

    NYPD releases video in connection with police-involved fatal shooting

    The NYPD released more surveillance video of a Vassell , pointing a silver object at people as if he were brandishing a gun. Footage shows a man that police believe to be Saheed Vassell holding a gray object and pointing it at people.
    Samsung Galaxy S9 Mini with Snapdragon 660 surfaces on Geekbench

    Samsung Galaxy S9 Mini with Snapdragon 660 surfaces on Geekbench

    Insane thing is with the S8 just getting 8.0 and 9.0 right on the horizon who knows when either the S8 or S9 will see that update. If Samsung were to really launch the device as the Galaxy S9 mini , then it could mark the revival of the Galaxy S mini series.

    Apple is developing touchless controls and curved screens for future iPhones

    Bloomberg reported that Apple is still figuring out how iPhone users can control some tasks by moving a finger near the screen. The technology would have a sensing capability that would identify when the user's fingers were close to the screen.
  • Nepal PM Oli meets Vice-President Naidu, discusses strengthening of bilateral ties

    Nepal PM Oli meets Vice-President Naidu, discusses strengthening of bilateral ties

    The two Prime Ministers agreed that the visit has imparted new dynamism to the multifaceted partnership between the two countries. Nepal's main imports from India are petroleum products, motor vehicles and parts, rice, medicine and coal.
    Slow start for Tiger Woods, Leishman takes early Masters lead

    Slow start for Tiger Woods, Leishman takes early Masters lead

    He finished with a share of 43rd a year ago and missed the cut in his other starts. Tiger Woods has not competed at the U.S.
    The full run-down of the UK's marketing and media gender pay gap

    The full run-down of the UK's marketing and media gender pay gap

    Leeds-based Opera North reported a figure of 9.8% and Scotland's national opera company, Scottish Opera, stood at 7.2%. More than 10,000 companies published data, with more than 1,000 waiting until the last day to report their pay grades.


Popular

A Chilly & Mostly Sunny Finish to the Weekend
Predicting how much snow Fargo-Moorhead will receive is tricky because it's on the fringe of the system coming through Sunday . As we head into next week, Monday will have our next chance of rain showers with a high of 50 degrees.

Muenster van driver well known to German police
Armin Laschet, the governor of North Rhine-Westphalia state where Munster is located, has also toured the city. He didn't elaborate on how many Dutch were injured or how serious those injuries were.

PM Modi to flag off first 12000 HP electric loco from Madhepura
The Prime Minister dedicated the BJP Foundation day to those who sacrificed their lives for the party's growth, Mr Kumar said. They called upon the party cadre to propagate the BJP government's developmental and welfare schemes among the people.

WWE Rumors: Several Title Changes Expected At WrestleMania 34
Basically all of you agree Undertaker will show up - either as The Deadman or The American Badass - and take down Cena. We haven't seen Big Cass in action since late July of past year after he suffered a torn ACL in a match.

United States imposes fresh sanctions on Russian entities
Ties had already plummeted to a post Cold War low over last month's attack on a former Russian double agent living in England.

Democratic lawmakers urge Trump to dismiss EPA chief Pruitt
McCarthy..." "We're reviewing the situation", Sarah Huckabee Sanders said. Pruitt has said he didn't approve the raises and doesn't know who did.

Yorkville man charged with armed robbery in DeKalb
Two of the suspects have been arraigned on indictments that carry an additional charge of unlawful use of a weapon: a firearm. The suspects fired two shots as they fled the scene in a white Corolla and silver Hyundai i20 with fake registration plates.

Rebecca Dallet Wins Spot on Wisconsin Supreme Court
Dallet had championed her determination to stand up for Wisconsin values, including those she said were being "attacked" by Trump. Walker wrote in one tweet . "I think my message resonated with Wisconsinites", Dallet told supporters in Milwaukee Tuesday night.

Indian MoD Issues RFI to Procure 110 Fighter Jets
But the plans were scrapped for acquiring the Medium Multi-Role Combat Aircraft (MMRCA) for the Indian Air Force around five years ago.

London pensioner arrested on suspicion of murdering burglar
Police continued to search Mr Osborn-Brooks's home for clues this morning as neighbours said they would meet to campaign for him. Scotland Yard confirmed that officers have informed the dead man's next of kin, but he has not yet been officially identified.