Published: Sun, April 29, 2018
Global | By Enrique Rogers

Crude oil futures up 0.42% on global cues

Crude oil futures up 0.42% on global cues

This, and other supply-side factors, are what likely explain crude prices shooting up from $63.83/barrel (Brent crude) on March 1, 2018, to $73.59 on April 25.

One day after the crude prices declined due to USA president Donald Trump hinting that his country and France might be able to reach an agreement with regards to the Iran nuclear deal, oil prices on Thursday rose based on French president Emmanuel Macron stating that he thinks Trump will scrap the deal and impose new sanctions against the Islamic republic anyway. Subscribe on Apple Podcasts. Soaring US output has made WTI crude about $6 a barrel cheaper than Brent and drawn exports to record highs.

West Texas Intermediate crude for June delivery rose 14 cents to settle at $68.19 a barrel on the New York Mercantile Exchange.

Crude oil for delivery in May was trading lower by Rs 13 or 0.29 per cent at Rs 4,545 per barrel with a business volume of 1,889 lots at the Multi Commodity Exchange (MCX).

Oil prices experienced more stability on Wednesday, but were below more than three-year highs reached the previous session as rising US fuel inventories and production dragged on an otherwise bullish market.

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On Tuesday, stock prices were lower as President Donald Trump signaled that the United States and France are working on an agreement to preserve the Iran nuclear deal.

Khoman said Trump's "hawkish" circle of advisors - with Iran critics including Mike Pompeo (Trump's nominee for secretary of state) and John Bolton (Trump's national security advisor) - makes it likely that the US will choose to re-impose sanctions on Iran. "The market that has been praying for an economy that was strong enough to raise rates now fears that somehow that a 3 percent yield is not a good thing - which really is insane and ridiculous". Chief Financial Officer Brad Halverson said, however, that first-quarter adjusted profit per share "will be the high watermark for the year".

Prices will be pressured by rising USA production as shale drillers try to take advantage of higher prices by ramping up activity.

First-time claims for US unemployment benefits fell to their lowest level in almost five decades in the week ended April 21st, according to a report released by the Labor Department on Thursday.

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