Crude oil prices changed direction and rose during last week. The U.S stockpiles increased according to the recent EIA report. The gap between Brent and WTI remained at the range between $20 and $22 during last week. Brent increased by 1.38% during the week; WTI oil, by 0.93%. As a result, the gap between Brent and WTI reached $21.77/b on Friday.
Here is a short analysis for the price developments in oil prices (Brent and WTI) between December 10th and December 14th and a summary of the latest EIA review on petroleum and oil stockpiles:
Oil Market – Weekly Summary
NYMEX Oil Future (WTI) rose during last week by 0.93%; its weekly average price fell by 1.58% to $86.15 per barrel, compared with last week’s $87.53 per barrel. The average daily percent change of oil price (WTI) was 0.19%.
NYMEX Oil Future (short term delivery) reached $86.73/b by Friday, December 14th.
Europe Brent oil increased during the week by 1.38%, but the average price fell by 0.44% compared with previous week’s average.
The difference between Brent and WTI remained at the range between $20 and $22 during the week; its average premium reached $22.10; it finished the week at $21.77.
In the following charts (for the week ending on December 14th) are the daily changes in NYMEX WTI future (short term delivery) and Brent oil:
The first chart shows the developments of WTI and Brent oil during last week: WTI and Brent oil had a moderate upward trend during last week.
According to the latest EIA report on the American Petroleum and oil market, for the week ending on November 30th, U.S. Petroleum stockpiles increased again by 5.9 million barrels and reached 1,793.4 million barrels.
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