Oil prices flying high – Deutsche Bank

Research Team at Deutsche Bank, suggests that yesterday was another strong day for Oil with WTI climbing another +3.52% higher to close just above $46/bbl (at $46.23/bbl to be precise) and in turn surpassing the highest close this year set last month.

Key Quotes

“Brent also had a strong day too and rallied to the tune of +4.57% to creep closer to $48/bbl. Yesterday’s surge in prices came about on the back of the latest US crude stockpiles data from the EIA which was reported as unexpectedly dropping by 3.4m barrels in the week ending May 6th. US crude production was also reported as falling while the fallout from the rebel violence in Nigeria continues with reports suggesting that at least a fifth of Nigerian oil production has so far been shut down.”