The Financial Times // 09.04.2018 // Royston Carr Asset Management have commented on Crude oil as it ended U.S. trading on Friday at its best level in just over two weeks, generally tethered to supply disruptions concerns. The investors also continued to build positions that are pricing in the possibility of persistent global political and trade tensions.
In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $99.61 a barrel during U.S. trading, up 1.2 percent. New York-traded oil futures hit a session low of $98.34 a barrel and a high of $100.18 a barrel.
The September contract settled down 0.22 percent at $98.84 a barrel on Thursday.
Libya issued a decree calling for parliament to convene August 1 to open the process needed to create a new government.
“The political development in the North African major producer sent crude posting hefty gains in recent sessions, though the reopen of the country’s major oilfields and relief that production continues to flow normally allowed prices to give up early gains.” says Michael Tadic, Head of Corporate Trading at Royston Carr Asset Management.
Investors shrugged off positive U.S. data and expectations for strong global crude demand, which outweighed fears from higher production and a weekly rise in the number of active domestic oil rigs.