Crude and Brent Oil Update

As traders and the financial world reacted to the decreasing value of the dollar on one hand as well as Iran’s announcement last week on the other hand, crude oil prices went up. Brent and crude oil both priced at a profit of $1.67 to trade and $56.62 and $50.81 a barrel respectively. There seems a strategy of bump and dump one – prices are pushed up and then stock selling to get a profit.

The oil market was not so high at closing time Friday last week. There was a fall in the electronic oil trade due to the reports of an Iranian nuclear deal. But this did not continue at the start of the week when oil prices started recovering as analysts foresee that Iranian crude oil exports cannot rise immediately and will have to wait after several months.

During the weekend, Saudi Arabia increased its crude oil prices for the Asian market for May buyers. This lift backs the strong refining gains in the Asian region with a strong Dubai oil standard. This conclusion was made by Singaporean traders.