|Analysis||Crude prices are narrow trading today on technical movements and as mixed sentiments are spread throughout the black gold market despite yesterday's report of inclined retailer's sales by 9.0 percent and the overall rise in fuel prices these past days caused by further discoveries held in Nigeria; Africa's biggest oil producer, that is forecasted to boost productivity levels by 16 percent next year.|
In fact, we should not forget this week's gloomy EIA report that showed that the U.S. commercial crude oil inventories increased by 2.0 million barrels from an incline a previous incline of 2.9 million of barrels, indicating that the demand on energy throughout the top oil consumer country remains on struggling to recover from the downside pressures of the recession.
If truth be told, the EIA report showed that the U.S. commercial crude oil inventories increased by 2.0 million barrels from the previous week. At 356.2 million barrels, U.S. crude oil inventories are above the upper limit of the average range for this time of year. Total motor gasoline inventories decreased by 2.5 million barrels last week, and are above the upper limit of the average range.
Whereas both finished gasoline inventories and blending components inventories decreased last week. Distillate fuel inventories increased by 1.1 million barrels, and are above the upper boundary of the average range for this time of year.
Furthermore the Organization of the Petroleum Exporting Countries stated that the median price of its OPEC Basket; which includes 12 crudes, Declined on Thursday reaching $81.65 a barrel compared with $82.41 on Wednesday.
As a result, fears and hopes are detected throughout the black gold market, having crude prices accordingly opening at $85.08 a barrel recording a high of $86.37 per barrel and a low of $85.03 per barrel along with a $0.31 shed witnessed within the oil contract, plus the S&P GSCI gained actually by 2.91 points to 543.64. For today's range and technical points click here.
Join the Discussion