Author: KyleH92ynlp

Crude oil prices declined on Monday, as USD strengthened and Iraq confirmed that it will continue to increase production. This offset Genscape’s estimate that Cushing stockpile fell -0.28 mmb in the week ended August 26. The front-month WTI crude contract fell -1.39% to 46.98 while the Brent contract was down -1.32% for the day. In equities, Wall Street rose for the first time in 4 sessions with DJIA and S&P 500 indices adding +0.6% and +0.5% respectively.

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Crude Oil Dropped as Oversupply Concerns Reemerge

Market sentiment continued to be lifted by upbeat US data (GDP growth) and Fed members’ dovish comments. Wall Street jumped with DJIA and S&P 500 indices gaining +2.27% and +2.43% respectively. Crude oil recorded double-digit rally with the front-month WTI contract jumping +10.26% to close at 42.56 whist the Brent crude contract up +10.25% to settle at 47.56.

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Crude Prices Jumped +10%, Biggest since 2008