As of December 28, 2017, WTI Crude gained 11% for the year versus 17% for Brent; both oil contracts are trading at 2 1/2-year highs of late. Later today, Baker Hughes will give an update on the number of active oil rigs in the U.S. with last week’s data showing the number unchanged at 747. WTI is at $60.04; Brent is at $66.28 this morning.
Oil prices kicked back up after the American Petroleum Institute reported on Wednesday U.S. crude inventories declined by 6 million barrels for the week ended Dec. 22. WTI Crude is $59.25; Brent Crude is $66.42 this morning.
As Brent Crude prices hit the $66 mark, the market welcomed the signal as an opportunity for profit taking which was exaggerated by low trading volumes. WTI Crude is $59.49; Brent is $66.30 this morning.
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