The Financial Times | Royston Carr Asset Management Says Crude attempts to end tough week on disruption concerns

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.‎