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Oil prices continue to fall to its lowest level in five weeks

2018-02-09 12:43 pm | Resource: NEWS | No Views : 211

Oil futures are continuing to decline in Friday's mid-European session as Brent crude fell 0.86% to reach $ 64.25 a barrel. US crude fell 1.26% to reach $ 60.40. Compared with the opening levels at 60.44, the highest at 60.65 and the lowest at 60.34. Brent crude was the most active at 64.22, the highest at 64.46 and the lowest at 64.15.

US crude oil futures ended yesterday's session down 2.1%, the second consecutive daily loss, recording a five-week low of $ 60.26 a barrel. Brent fell 1.9% and hit a two-month low of $ 64.09 a barrel. This week, oil prices so far lost 7%, close to the second weekly loss in a row, with the biggest weekly loss since March 2017.

The declines came after the release of data from the US Energy Information Administration released on Wednesday, which shows the rise of US production to 10.25 million barrels per day last week, reaching its highest level ever, beyond the production of Saudi Arabia, and for US crude stocks lost last week increased by 1.9 million Barrels, the second weekly increase in a row, bringing total inventories to about 452 million barrels, the highest level of stocks this year.

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OIL Technical analysis 18 January 2019

  (CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around the 52.50 -  53.37 levels, but is still consolidating at a high of 50.33. In view of the technical indicators Both the RSI and Stochastic are indicating to decline of the indicators. Therefore, we expect that the oil…

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