This week the prices of oil came down before it touched bay on the Asian trade, whereby losing on the previous session’s gains as the data revealed that the inventories of the United States’ crude inventory crumbled down “for the first time since January” while the prices of commodity market came to a standstill “from their recent rally”.
Moreover, the future for the U.S. crude in the coming “May LCOK6” were lowered by “6 cents” and touched bay at “$41.46 a barrel at 0245 GMT”, although in the beginning of the week, the prices for the same had settled at a higher “0.8 percent” which equalled to “$41.52”.
On the other hand, the Brent “crude futures” for May’s LCOc1 delivery came down by twelve cents at “$41.42 a barrel” which began the week at a “0.8 percent” higher rate. After the month of January, Brent’s ratio had recovered and risen by more than fifty percent. According to a “morning note” of ANZ:
"The current risk-on environment remains conducive for commodity prices to consolidate after a strong rebound in the last six weeks”.
"However, a further improvement in fundamentals will be needed for bulks, crude oil and base metals to rally further."
Furthermore, from the U.S “Oklahoma delivery hub”, the stockpiles came down, whereby touching bay at “570,574 barrels to 69.05 million” in the starting of this week, informed the traders as per the data from Genscape, a “market intelligence firm”.
Earlier, the inventories of Cushing had gone up to almost “70 million barrels” whereby instilling a fear among the market participants that “they could hit capacity”.
It is thought that Iran could also join in with the “oil producers” plans of freezing the production of raw materials in order to “support prices at a later date”, told the Secretary General of OPEC for Iran is trying to increase its export level after the lift on Tehran’s sanctions.
A meeting is due between the “Organization of the Petroleum Exporting Countries and non-members” on the 17th of April 2016; the said rendez-vous is scheduled to take place in Qatar.
Iran shows a keen interest in raising “its oil exports” as it had suffered a fall of more than fifty percent “during the sanctions over Tehran's disputed nuclear program”.
References:
http://www.reuters.com/
Moreover, the future for the U.S. crude in the coming “May LCOK6” were lowered by “6 cents” and touched bay at “$41.46 a barrel at 0245 GMT”, although in the beginning of the week, the prices for the same had settled at a higher “0.8 percent” which equalled to “$41.52”.
On the other hand, the Brent “crude futures” for May’s LCOc1 delivery came down by twelve cents at “$41.42 a barrel” which began the week at a “0.8 percent” higher rate. After the month of January, Brent’s ratio had recovered and risen by more than fifty percent. According to a “morning note” of ANZ:
"The current risk-on environment remains conducive for commodity prices to consolidate after a strong rebound in the last six weeks”.
"However, a further improvement in fundamentals will be needed for bulks, crude oil and base metals to rally further."
Furthermore, from the U.S “Oklahoma delivery hub”, the stockpiles came down, whereby touching bay at “570,574 barrels to 69.05 million” in the starting of this week, informed the traders as per the data from Genscape, a “market intelligence firm”.
Earlier, the inventories of Cushing had gone up to almost “70 million barrels” whereby instilling a fear among the market participants that “they could hit capacity”.
It is thought that Iran could also join in with the “oil producers” plans of freezing the production of raw materials in order to “support prices at a later date”, told the Secretary General of OPEC for Iran is trying to increase its export level after the lift on Tehran’s sanctions.
A meeting is due between the “Organization of the Petroleum Exporting Countries and non-members” on the 17th of April 2016; the said rendez-vous is scheduled to take place in Qatar.
Iran shows a keen interest in raising “its oil exports” as it had suffered a fall of more than fifty percent “during the sanctions over Tehran's disputed nuclear program”.
References:
http://www.reuters.com/
