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Crude falls $0.14

Posted on: March 02, 2017

The prompt month for crude fell 14 cents during yesterday’s trading, and closed at $53.87. Brent was up by 2 cents to settle in the green at $55.61. EIA Storage figures showed an overall gain in US showed a gain of 1.5 million barrels, 495k barrels at Cushing. Gasoline and Distillates stocks fell by 546k and 925k barrels respectively.

Bloomberg has reported that Saudi Arabia’s crude exports for February dropped by 126,000 barrels from the previous month and totaled 7.04 million barrels, indicating that higher volumes were cut than originally pledged. The country is thought to have cut roughly 1 million barrels since December.

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