Oil prices rose today after initially trading down, posting its third straight month of gains. Prices benefited from a report that US output cuts in May were the largest on record.

Oil prices traded down today after crude stocks had their biggest draw down since December yesterday.

Oil prices edged up slightly after a sharp drop in US crude inventories, offsetting a decline in net imports of 1mm/bpd. This was the largest draw down since December, which Reuters indicates is likely a result of the OPEC supply cuts being “realized”.

Oil prices fell today as US lawmakers battle out a fresh stimulus/aid package. “There’s concern with the stimulus out of Washington, which is critical to the oil complex and to supporting demand, especially for gasoline,”

Oil prices rose for the day after initially falling as much as 2% during the session. A weaker US dollar continues to help foreign commodity holders and support oil prices.

Oil prices moved slightly higher on Friday supported by economic data from Europe, but gains were limited as tensions between the United States and China flared.

The dollar is trading at its lowest level (against a basket of currencies) since 2018 making dollar priced assets cheaper for foreign holders. US virus cases passed 4 million (up more than 1 million in just three weeks) with Florida and California reporting record death counts today.

Oil held mostly flat but traded down slightly for the day on a surprise build in US crude stocks. This is a potential sign that the demand recovery may be stalling.

Oil prices rallied today hitting more than four month highs on vaccine hopes and increased stimulus packages to be introduced in the EU, US and others.

Due to technical errors there will be no commentary today