• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 17 mins Oil prices going down
  • 1 hour Oil and Trade War
  • 3 hours Sell out now or hold on?
  • 14 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 1 hour When will oil demand start declining due to EVs?
  • 5 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 14 hours Two Koreas Agree To March Together At Asian Games
  • 4 hours What If Canada Had Wind and Not Oilsands?
  • 4 mins Trump Hits China With Tariffs On $50 Billion Of Goods
  • 6 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 1 hour venezuala oil crisis
  • 4 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 42 mins Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 14 hours Geopolitical and Political Risks make their strong comeback to global oil and gas markets
  • 24 hours No LNG Pipelines? Let the Trucks Roll In
  • 23 hours China & India in talks to form anti-OPEC

Breaking News:

Egypt Raises Fuel Prices By Up To 50%

Alt Text

Permian Discount Could Rise To $20 Per Barrel

Midstream constraints plaguing Permian drillers…

Alt Text

Will Iran Pursue Relations With North Korea?

Some foreign policy analysts criticized…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Bullish News Puts Temporary Floor Under Oil Prices

Oil Rig

U.S. West Texas Intermediate crude oil futures posted a strong gain this week, underpinned by a number of factors. The buying was strong enough to drive the market into its highest level since March 7 at $54.14, before sellers came in to stop the rally and buyers backed away from buying strength.

June WTI crude oil closed the week at $53.40, up $0.76 or +1.44%.

Crude oil started the week with a strong surge on reports of another shutdown at Libya’s largest oilfield over the weekend and geopolitical concerns following last week’s U.S. missile strike on Syria.

Reuters reported that Libya’s Sharara oilfield was shut on April 9 after a group blocked a pipeline linking it to an oil terminal. This was the second time in two weeks that this field had been shut down. Earlier in the month, the oil field returned to production after a week-long stoppage.

The outage in Libya came on the heels of an already excited market. The previous Friday, the United States had fired missiles at a Syrian government air base in a show of force. The move did not cause any supply disruptions, but it did make investors nervous over a possible retaliation from Iran or Russia.

Throughout the week, tensions remained high based on the rhetoric between the United States and Russia.

U.S. – Russia relations are at a “low point” and need to be improved, Secretary of State Rex Tillerson said on April 12 in a joint news conference in Moscow…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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