WTI crude oil fluctuates, while Brent steadies
Brent price, the global proxy benchmark, has regained steadiness, post the ISIS sponsored attacks on Brussels. Meanwhile, West Texas Intermediate (WTI) crude oil, hailed as the sweet American benchmark saw fluctuations and losses on account of a "stockpile build". Trading terminals at NYSE's FXCM, on 16th and 17th March 2016 (the day of the Brussels attacks), witnessed volatile intra-day positions of both grades. However, Brent showed signs of easing on 18th March bringing it to $41.37 by end of day trading. WTI crude witnessed moderate to volatile fluctuations, and is currently trading at $41.08 for the same unit. American Petroleum Institute (API) in a report shared that the US crude stockpiles reached 532 million, a record high, on account of a rise of 9 mbl (million-barrels). Markets took cue from the industry-group's report, leading the WTI to settle lower, but extending quick losses. March and February have been positive months for both grades, as graphs accessed by the TDB show a gradual green signal. WTI, traded at an average of $33.56 in February, while Brent averaged at $35.72, during the same period. U.S. crude futures for front-month contracts ended on $41.22 a barrel, a a 30 cent dip, post the API report. It had ended the session just 7 cents down at $41.45, after hitting a 2016 high of $41.90 earlier. Brent crude, was running 6 cents up at $41.60 a barrel in a post-settlement trade, after finishing the session 25 cents higher at $41.79. Reports for this duration are yet to be made available on EIA’s website.
March 23, 2016 | 04:00pm IST