Brent and US Crude Oil Futures Rose Last Week
US crude oil futures
April WTI crude oil futures contracts rose 3.2% to $62.04 per barrel on March 9, 2018. Brent oil futures rose 3% to $65.5 per barrel on the same day. Brent and the US benchmarks had the highest settlement since March 6, 2018.
The Energy Select Sector SPDR ETF (XLE) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP) rose ~1.8% and ~2.1%, respectively, on March 9, 2018. XLE tracks the performance of energy companies in the Energy Select Sector Index. XOP tracks the performance of an index of oil and gas exploration and production companies.
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Crude oil and ETFs’ performance
Brent and US crude oil prices rose on March 9, 2018, due to supply outages in Libya and strong oil demand. The weak dollar also supported oil prices on March 9, 2018. The US Dollar Index depreciated ~0.1% to 90.09 on March 9, 2018, while US crude oil prices rose 3.2% on the same day. The Power Shares DB US Dollar Bullish ETF (UUP) fell 0.13% to 23.5 on March 9, 2018. UUP follows the US dollar’s performance.
The Vanguard Energy ETF (VDE) and the VanEck Vectors Oil Services ETF (OIH) increased 2.1% and 4.1%, respectively, on March 2–9, 2018. VDE tracks the performance of an index of energy stocks. OIH tracks an index of oilfield equipment and services companies. XLE and XOP increased 2.2% and 1.8%, respectively, during the same period. OIH rose the most among the other energy ETFs.
In this series, we’ll discuss US gasoline demand. We’ll also discuss Cushing inventories, US oil rigs, and some drivers for oil prices this week.