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

Binance executives sue Nigerian authorities over rights violation

Two senior executives from Binance have filed a lawsuit against against Nigeria’s national security adviser’s office and its anti-corruption agency, alleging violations of their fundamental rights.

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

<