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Crude oil ends the week five percent higher on positive sentiment

17 Jul 2017 07:09 GMT

By A/S Global Risk Management.



By Michael Poulson, A/S Global Risk Management

Baker Hughes released its rig count data on Friday during US trade and it showed that for the week ending 9th July, two additional oil rigs were put into operation, bringing the number to 765. The rate of increase has indeed slowed down amidst the lower crude oil prices in May and June.

During the week, we also had Chinese customs releasing crude oil import data which showed that imports during first half 2017 was 13.8 percent higher than the same period last year. Paris-based IEA also released a report stating that demand growth would accelerate during 2018.

Crude inventories in the US fell by 7.6m barrels last week, bringing crude stocks below the 500m barrel mark. Though this is still above the five year average, this likely provided a boost to market sentiment for the week.

All in all, it was a good week for oil bulls with the above mentioned points providing a lift to prices. Front month Brent and WTI ended the week at 48.91 and 46.54 respectively.



A/S Global Risk Management is a provider of customised hedging solutions for the management of price risk on fuel expenses. The company has offices in Denmark and Singapore. For further details about its risk management products and services, please call +45 88 38 00 00 or email hedging@global-riskmanagement.com.




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