• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 16 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 6 hours Ecoside
  • 13 hours Oil at $40
  • 4 hours Japan’s Deflation Mindset Could Be Contagious
  • 4 mins US Military Spend at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 19 hours Not Just Nuke: Cheap Solar Panels Power Consumer Appliance Boom In North Korea
  • 2 days Guaido and the Conoco Award
  • 19 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
  • 10 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 15 hours Negative Gas Prices in the Permian
  • 15 hours Gas Flaring
  • 2 days Welcome To The Club: Apple In Talks With Potential Suppliers Of Sensors For Self-Driving Cars
  • 2 days Is Canada hosed?
Editorial Dept

Editorial Dept

More Info

Trending Discussions

Brent Outpaces WTI As Oil Prices Rally

U.S. West Texas Intermediate and international Brent crude oil futures are trading higher on Friday and for that matter for the week after the latter went on a wild ride the previous session. The markets are being boosted shortly after the regular session opening after a better-than-expected U.S. Non-Farm Payrolls report seems to have taken care of worries over demand and a possible U.S. recession later in the year.

On Thursday, there was a slight divergence in the two futures contracts with Brent hitting $70 per barrel for the first time in nearly five months before settling slightly higher and WTI crude oil struggling most of the session before closing lower.

The volatile price action was fueled by trader reaction to the different fundamental factors driving the price action. Expectations of tight global supply underpinned both futures contracts, however, pressure from rising U.S. production based on Wednesday’s U.S. Energy Information Administration’s weekly inventories report, which showed an unexpected build, helped drive Brent higher and WTI lower.

Brent could continue to outpace WTI over the near-term as supply tightens. Furthermore, the international-benchmark has some catching up to do. Global benchmark Brent has gained 30 percent this year, while WTI has gained 38 percent. Prices have been underpinned by tightening global supplies and signs of increased demand.

Other News

News that trade talks between the United States and…

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News