Oil prices continue to dwindle with an unclear trend but at least the premium of the Brent oil over WTI slipped during recent weeks. Furthermore, during last week Brent oil edged down 1.27% and WTI by 0.46%. The tensions between Iran and the West are still a cause for concern but they seem to take the back seat during recent weeks. The recent OPEC report showed there is no cause for concern for now as OPEC's oil production continues to rise mainly due to Libya's growth in production, which is still isn't at its production level from 2010.
On Friday, April 13th oil (WTI) declined by 0.78% and reached $102.83/b; Brent also slipped by 0.15% to $121.58/b. The complete crude oil market weekly analysis at Trading NRG
The gap between Brent and WTI slightly declined during last week, and was in the range of $17-$18.5 per barrel. During April the premium decreased by 9.81%.
OPEC's Oil Production Slightly Rose in March
According to the OPEC April report the OPEC oil production slightly rose during March. This rise was mainly due to the ongoing growth in Libya's oil production.
Libya's oil production rose again by 112 thousand bbl/d to 1,372 thousand bbl/d after it has reached a near halt during most of 2011. The current production levels are still nearly one third below Libya's average oil production of 1.6 million bbl/d in 2010.
Oil Stockpiles –Declined Last Week
U.S. oil stockpiles decreased last week by 3.9 million barrels. For the week ending on April 6th oil stockpiles reached 1,765.854 million barrels.
The upcoming report will be published on Wednesday, April 18th and will refer to the week ending on April 13th.
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.