Crude Oil Rises Amid Shrinking U.S. Surplus as OPEC Prepares to Gather

Crude Oil MCX

Gold Silver Reports (GSR) – Crude Oil Rises Amid Shrinking U.S. Surplus as OPEC Prepares to Gather – Futures in New York briefly surged almost 3 percent on Wednesday to the highest since 2014. An Energy Information Administration report showed shrinking American petroleum surpluses and the first crude withdrawal from the largest U.S. storage complex in six weeks. The U.S. draw-downs underlined optimism that an OPEC-led effort to curb global supplies will be reinforced later this week when the cartel and allied producers gather in Saudi Arabia.

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Crude Oil Rises Amid Shrinking U.S. Surplus as OPEC Prepares to Gather via @goldsilverrepor

Canada Oil Recovery Faces Threat From Potential Rail Strike

Gold Silver Reports (GSR) – Canada Oil Recovery Faces Threat From Potential Rail Strike — On Tuesday, the Teamsters Canada Rail Conference and the International Brotherhood of Electrical Workers each gave Canadian Pacific a 72-hour strike notice informing the company of their plans to strike at 12:01 a.m. eastern time on April 21.

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OPEC Russia Talks Set to Keep Oil Cuts Even as Glut Vanishes

Gold Silver Reports (GSR) – OPEC Russia Talks Set to Keep Oil Cuts Even as Glut Vanishes –  Almost 16 months of output curbs by the Organization of Petroleum Exporting Countries and its partners have seen crude rally to a three-year high near $70 a barrel. That’s replenishing their coffers after the worst oil slump in a generation, encouraging the producers to extend their intervention even as Venezuela’s petro-economy implodes and Donald Trump threatens Iran with sanctions.

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Crude Oil Pares Rally Amid Signals of Expanding American Crude Surplus

Oil Tumbles

Gold Silver Reports (GSR) – Crude Oil Pares Rally Amid Signals of Expanding American Crude Surplus — Futures closed 0.3 percent higher in New York on Thursday, wiping away most of the gains made during the session. Data provider Genscape Inc. was said to report inventories at the key pipeline hub in Cushing, Oklahoma, expanded, taking the wind out of a rally earlier driven by an unexpected Arab Light crude price increase by Saudi Arabia, the world’s biggest oil exporter.

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Crude Oil Pares Rally Amid Signals of Expanding American Crude Surplus via @goldsilverrepor