Oil headed for a seventh weekly gain, the longest run since December, as a global energy crunch roiled markets from Europe to Asia.
WTI crude futures Tips
WTI Crude Oil Backs off From $70 Despite Iran Sanctions
Gold Silver Reports (GSR) – The US official reimpose sanctions on Iran today in a move that will cut global oil supply. The news was accompanied by a presidential tweet.
Crude Oil Pares Rally Amid Signals of Expanding American Crude Surplus
Gold Silver Reports (GSR) – Crude Oil Pares Rally Amid Signals of Expanding American Crude Surplus — Futures closed 0.3 percent higher in New York on Thursday, wiping away most of the gains made during the session. Data provider Genscape Inc. was said to report inventories at the key pipeline hub in Cushing, Oklahoma, expanded, taking the wind out of a rally earlier driven by an unexpected Arab Light crude price increase by Saudi Arabia, the world’s biggest oil exporter.