Option Banque is a brand owned and operated by Capital Street BancClear Corporation Limited with registered address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, SVG.
Suite 305, Griffith Corporate Centre Beachmont, KingsTown Saint Vincent and The Grenadines
Monday-Friday: 6.00 AM
4.00 PM GMT
Oil prices edged higher on Tuesday, lifted by healthy economic growth as well as the ongoing supply restraint by a group of exporters including OPEC and Russia.
Brent crude futures were at $69.44 at 06:35 am GMT, up 0.64 percent, from their last close, not far off the Jan. 15 three-year high of $70.37 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $634.02 a barrel, up 0.68 percent, from their last settlement. WTI hit its highest since December 2014 on Jan. 16 at $64.89 a barrel.
The comments came after crude futures registered their first weekly decline in a month on concern higher prices may spur more U.S. shale drilling.
Saudi Arabia and Russia “are re-affirming what we already know,” Michael Loewen, a commodities strategist at Scotiabank in Toronto, said by telephone. Still, with “OPEC continuing to manage supply and balance the markets long-term, that’s positive for the barrel.”
Meanwhile, in the U.S., crude stockpiles are estimated to have shrunk by 2.5 million barrels last week ( for the week from 14th –20th January 2018) , according to the median estimate of analysts surveyed by Bloomberg. That would be a 10th straight week of declines in the midst of refinery maintenance that typically lasts through March.
The International Monetary Fund (IMF) on Monday revised upward its forecast for world economic growth in 2018 and 2019, to 3.9 percent for both 2018 and 2019, a 0.2 percentage point increase from its last update in October.
The economic outlook and seasonally colder weather has led to firmer oil demand growth, facilitating the continuation of a fall in oil inventories towards OPEC’s recent five-year average target.
In the longer term, investors are preparing for large-scale changes in oil demand coming from the rise of electric vehicles.
On the technical charts, WTIC crude is trading positive and hovering above the 9 day EMA. The market is trading above all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). The RSI is trading at 68.13 and MACD is below the signal line.
Buy digital Call options between 63.98 and 64.34, valid until 23:00 GMT January 23