Reduced inventories prompted West Texas Intermediate crude oil futures to advance on Friday as the energy commodity marked its first weekly climb since late last month, according to Bloomberg.
Economic data released by the Energy Information Administration, the accounting arm of the U.S. Department of Energy, indicated supplies dropped by 1.78 million barrels last week at the Cushing, Oklahoma facility. Also spurring the price of the energy commodity higher on Friday was ongoing fighting between Ukraine security forces and pro-Russia militants.
"The decline in stockpiles was a surprise; I expected there to be more builds," chief investment officer Jonathan Barratt with Ayers Alliance Securities in Sydney told the news source on Friday.
At 9:04 a.m. on Friday, WTI crude oil futures rose 0.65 percent, a 65-cent increase to $100.91 per barrel. At 9:03 a.m., Brent crude oil futures increased 0.52 percent, a 56-cent lift to $108.60 per barrel.
CNN reports Russia President Vladimir Putin set foot in Crimea on Friday to celebrate Victory Day, his first visit to the region that Russia annexed from Ukraine in March.
Risk Disclosure
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.
