Crude oil futures grew in February

Noam Stiekema

The price of WTI crude oil futures rose sharply on Friday to record its first monthly increase of seven months amid speculation about shrinking US production. The New York traded raw material with delivery in April rose by 3.3% on Friday and closed the week at 49.76 USD per barrel. The sharp rise in the […]

oil platform

oil platformThe price of WTI crude oil futures rose sharply on Friday to record its first monthly increase of seven months amid speculation about shrinking US production. The New York traded raw material with delivery in April rose by 3.3% on Friday and closed the week at 49.76 USD per barrel. The sharp rise in the trend extended the significant price volatility over the past few weeks. The price rise or fall by more than 2% in direction 25 of the last 38 trading sessions.

On Thursday the WTI crude oil wiped by 5.53%, to close at 48.17 USD per barrel. Weekly the US crude oil price fell by 2.71%, registering the second consecutive weekly decline. However, contracts rose by 0.91% in February, cutting seven consecutive months of decline.

The research showed they the number of platforms for oil production in USA fell by another 33 last week to 986, which is the lowest level since June 2011. The number of crude oil extraction platforms decreased in 17 of the past 20 weeks after hitting a record high of 1609 in mid-October.

The market participants pay particular attention to the number of platforms in recent months, expecting ultimately to reduce the glut of global oil market. However, the total crude oil reserves in USA rose to 434.1 million barrels last week, which is the highest level of at least 80 years.

Meanwhile London Brent oil with delivery in April rose with 4.21% on Friday to close the week at 60.05 USD per barrel. The April contracts rose by 3.3% for the week in view of concerns about disruptions in production in Libya and Iraq. February trading price in London Brent oil rose by 15.31%, taking into account the first monthly growth since June 2014 and the highest monthly increase in nearly six years.

The Oil Minister of Saudi Arabia, Ali al-Naimi said earlier last week that oil markets have stabilized after a long period of volatility at the end of last year. The price of crude oil fell sharply in recent months, after OPEC resisted calls to reduce production. The US, spurred yield the fastest pace in more than three decades, creating a glut in global supplies.

The spread between Brent and WTI reached 10.29 USD per barrel at the end of trading on Friday compared to 9.41 USD the previous week.

Read this next

Digital Assets

Zero Hash obtains AUSTRAC registration in Australia

Seed CX is expanding the reach of its crypto settlement solution, dubbed ‘Zero Hash,’ which has registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a digital currency exchange provider.

Digital Assets

UK advertising watchdog slams Arsenal over misleading crypto ads

The UK advertising watchdog has reprimanded Arsenal Football Club for promoting crypto assets without warning fans of the potential associated risks.

Retail FX

Swissquote profit slips as crypto revenue falls by two thirds

Swissquote Group, Switzerland’s provider of online trading services, reported that its H1 revenues dropped by nearly a quarter from a year ago as clients’ interest in crypto trading stagnated.

Digital Assets

Crypto.com granted approval to operate business in Cayman Islands

Crypto.com, one of the longest-established crypto platforms, has obtained a new registration in the Cayman Islands under the Virtual Asset Services Providers Act.

Executive Moves

United Fintech hires Mitch Vine and Danny Finnerty to expand US footprint

“United Fintech’s expansion in the US is pivotal to our mission of helping financial institutions digitize and gain access to best in class capital markets focused technology.”

Digital Assets

Ankr backed by Binance Labs after several initiatives in support of BNB Chain

Ankr has made a series of upgrades to the BNB Chain, including Erigon, the Archive Node, and the latest BNB Application Sidechain (BAS) scalability solution.

Retail FX

Financial Commission terminates membership of LordFX

The Financial Commission, an independent self-regulatory compliance specialist for the financial services industry, has expelled forex brokerage LordFX from its membership, according to a FinaCom statement.

Industry News

Match-Prime Liquidity sponsors Cypriot football club Omonoia FC

“We feel privileged to support Omonoia as it’s one of the largest teams in Cyprus, fandom size-wise, and we know it has a special connection with its supporters.”

Institutional FX

XTB’s X Open Hub adds 30 cryptos to white label offering for brokers

Its solutions include deep institutional liquidity on more than 5,000 global instruments, such as indices, shares, forex, cryptocurrencies, commodities, and ETFs, and a white label platform that can be fully customized and branded for each brokerage.

<