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Oil prices are up sharply on Monday

2018-02-12 09:41 am | Resource: NEWS | No Views : 144

Oil futures are rebounding early in the week, with Brent crude rising during European trade, recording a gain of 2.33% to reach $ 64.23 a barrel, also rose US crude by 2.42% to reach levels of 60.62 After the worst weekly drop in two years, pushing prices to a seven-week low. US crude opened at $ 59.12, hit a high of $ 60.65 and a low of $ 59.08. Per barrel.

That oil markets are still facing an increase in oil production in the United States, which rose above 10 million barrels per day, surpassing Saudi Arabia and near the levels of supply of Russia, the largest producer in the world, was announced by Baker Hughes last Friday, the addition of US energy companies 26 A new oil production platform this week, bringing the total to 791 platforms, the highest since April 2015.

The data show that US production levels, which reached a record 10.25 million barrels per day in November, remained the highest level since 1970, undermining OPEC-led efforts to narrow the gap. Between supply and demand and raising prices.

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OIL Technical analysis 19 October 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term The bears managed to control the movement of oil to break the support level around the level of 70.46 down to reach the bearish target around the level of 68.27 forming a positive candlestick pattern   In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of…

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