country flagالعربية

Oil prices gain 3 percent after Baker Hughes report

2018-03-09 07:33 pm | Resource: NEWS | No Views : 317

Oil futures are gaining in US trading on Friday, with oil rebounding for the first time since 4 sessions, after the number of crude oil drilling platforms in the United States this week, four platforms to 796 platforms, according to Baker Hughes data released today, Gas exploration platforms have seven platforms to 188 during the week ending March 9th compared to 151 platforms in the same period of 2017.

  Oil bounced back from a two-week low as Brent crude hit $ 65.40 a barrel and US crude rebounded to $ 61.95 a barrel.

US crude opened today at $ 60.32, recording a high of $ 62.09 and a low of $ 60.14, while Brent crude opened at $ 63.88 and hit a high of $ 65.51 and a low of $ 63.69.

Yesterday, the US Energy Information Administration announced US crude oil inventories, which showed a fall in surplus to about 2.4 million barrels last week, compared to about 3.0 million barrels in the previous reading, which came below expectations of a surplus of about 2.6 million barrels, To about 425.9 million barrels.

US crude saw a 70,000 bpd rise in production, the second consecutive weekly increase to 10.37 million bpd, the highest level of US production ever. US production has risen 21% since mid-2016, Saudi Arabia, which is stable at 9.9 million barrels per day, to approach the production of Russia's largest oil producer globally at 10.9 million barrels per day.

Earlier this week, Saudi Oil Minister Khalid Al-Falih stressed that the demand for oil and natural gas will continue for a long time, despite the tendency of some countries to switch to low-carbon sources. He pointed out that the world is turning to rely on low-carbon sources, That this will not lead to a decrease in demand for oil and natural gas as demand for them will continue for an extended period of time.

Other analysis

Best Opportunities, Vision and Technical Analysis for The Oil 21 March 2019

(CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bullish direction in the near term. Oil continues to gain further after breaking the resistance level around 57.87 higher as the bulls managed to push oil to the level of 60.26. In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought area.…

More analysis

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.