OPEC and its allies said this week they expect to deplete the global oil surplus with their cuts, and falling inventories in America are indicating some level of success. WTI Crude is $56.14; Brent is $61.00 this morning.
Last week's 10 million-barrel drop in American crude inventories signals that oil-output cuts by OPEC and its allies are having the desired impact on global supply. WTI Crude is $56.27; Brent is $60.52 this morning.
Overnight, the energy markets were given a shot of bullish adrenaline by a supportive API report. U.S. crude stockpiles plummeted by 11.1 million barrels last week compared with expectations for a 2-million-barrel draw. WTI Crude is $55.71; Brent is $60.17 this morning.
Click here to view our Offerings.