NEW YORK (Reuters) - Brent crude rose on Friday on uncertainty over Saudi oil output following the death of King Abdullah, while U.S. crude
prices fell, with traders citing a reported build at the Cushing,
Oklahoma storage hub and the partial shutdown of an Indiana refinery.
Salman, the late king's brother and successor to the throne, is expected to continue OPEC's policy of keeping oil output steady to protect market share. Still, the transition should be bullish for Brent, said Bob Yawger of Mizuho Securities USA.
"Any time there's uncertainty in the market, you tend to have support," he said.
Brent was up 47 cents to trade at $48.99 by 12:50 p.m. EST. It rose as high as $49.80 after reports of the Saudi king's death.
U.S. crude fell 49 cents to trade at $45.83. A trader said energy data provider Genscape estimated that U.S. crude stockpiles in Cushing, Oklahoma, rose 1.7 million barrels in the week ending Tuesday.
The spread between WTI and Brent should keep widening, said Walter Zimmerman, chief technical analyst at United-ICAP. "There's substantial downside to that," Zimmerman said.
Read more Click here / www.trade4x.net
Salman, the late king's brother and successor to the throne, is expected to continue OPEC's policy of keeping oil output steady to protect market share. Still, the transition should be bullish for Brent, said Bob Yawger of Mizuho Securities USA.
"Any time there's uncertainty in the market, you tend to have support," he said.
Brent was up 47 cents to trade at $48.99 by 12:50 p.m. EST. It rose as high as $49.80 after reports of the Saudi king's death.
U.S. crude fell 49 cents to trade at $45.83. A trader said energy data provider Genscape estimated that U.S. crude stockpiles in Cushing, Oklahoma, rose 1.7 million barrels in the week ending Tuesday.
The spread between WTI and Brent should keep widening, said Walter Zimmerman, chief technical analyst at United-ICAP. "There's substantial downside to that," Zimmerman said.
Read more Click here / www.trade4x.net
No comments:
Post a Comment