U.S. government data showed last week that crude inventories are at record highs at both the Cushing storage hub and in the Gulf Coast. But the market seems to have overlooked these figures, instead pushing crude prices higher as tensions build following the U.S. missile strike on Syria and a shutdown at Libya's largest oilfield. The Sharara oilfield was forcefully shut on Sunday after a group blocked a key pipeline, Libyan media reported. The field had just resumed production after suffering a week-long outage that ended in early April. Analysts reckon the current rally is also being helped by investors turning their focus to the start of the U.S. summer driving season. Brent June futures are currently sitting just below the $56-mark.
Oil Climbs Toward Five Week Peak
Analisi Giornaliera - 11/04/2017