Oil prices under $76 as US oil stocks higher, Gulf ban lifted

Both ICE Brent and WTI oil futures are trading over $2 lower on Thursday as the latest data from the US shows that crude supplies unexpectedly grew last week, whilst the Gulf deepwater drilling ban gets lifted. WTI Light crude oil futures for August delivery fell to $75.70 on the NYMEX, while in London, Brent crude oil futures was at $75.81 midday Singapore time on the ICE Futures Exchange. The US EIA said yesterday that US crude oil supplies increased by 2 million barrels last week. Oil prices also were undercut by a judge’s ruling Tuesday that lifted the government’s six-month ban on deepwater drilling in the Gulf of Mexico. If the ruling stands, more supplies of crude oil may become available, which would have a negative effect on prices. “It was one thing to bid up oil prices on the presumption that an economic recovery would improve the outlook for everything,” Cameron Hanover said in a report. “With economic numbers now seemingly weakening again, it’s not as easy to dismiss the stock surpluses that exist in oil inventories.” Brent oil price trading higher on stronger Euro, US data Light oil prices trading up over $86 on messy Gulf oil spill Oil prices start the week trading higher on US data Brent oil price trading under $76 on Greece Worries Brent oil price dips to $78, finding $80 mark a struggle Crude oil prices trading steady in $77 to $80 range Brent v WTI, the battle of the crude oil price benchmarks WTI oil price rebounds near $75 on weaker US dollar Brent oil price trading above $72, looks to US crude data WTI oil price trading higher, over $73 on US supplies data WTI oil price at $69 mark on strong dollar, high stocks Brent oil price hangs at $80, big premium on WTI crude Brent oil price closes the week trading at 18 month high Euro in Greek tailspin, US dollar firms & oil prices holding out Brent oil price trading at 2010 highs on contract expiry Brent oil price rebounds, trading back over $80 mark Brent oil price trading above $80 on weaker US dollar Brent oil price trading near $80 mark on weaker dollar Brent oil price trading over $75, eyes on US dollar Brent oil price trading near $72, finds support level

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Oil prices under $76 as US oil stocks higher, Gulf ban lifted