Oil prices gain 3 percent after Baker Hughes report
2018-03-09 07:33 pm | Resource: NEWS | No Views : 154
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.
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 level of 71.44 forming a negative candlestick pattern In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect oil to drop to 70.42 - 69.53 The alternative scenario is that the oil…
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