Friday’s oil quotes are practically standing on the spot. Brent crude at 10:45 EET was selling at $66.47, whilst WTI with June delivery was trading at $60.59 per barrel. At Thursday’s close, North Sea oil on June contracts was trading at $66.43 a barrel and the price of light crude with delivery in June at the close of the New York session was $60.62 per barrel.
The absence of any real movement is connected to relatively calm fundamental news. Even the lessening of US oil reserves isn’t causing any investor euphoria. By last week’s close, US reserves had fallen by 2.67 million barrels and distillery reserves had fallen by 2.77 million. Brent is meanwhile struggling to overcome the $70 a barrel mark, whilst WTI is struggling to overcome its $62 barrier. Probably, market participants will wait to see what comes of OPEC’s meeting and only after that will have a go at the resistance. That is, of course, if the cartel gives reason for it.
An impulse for movement could be given to oil quotes by the dollars movement on the Forex market.