Crude futures commence trading week on declines
2018-03-12 10:17 am | Resource: NEWS | No Views : 192
Oil futures are trading on week retreats, erasing gains gained by the end of last week, having seen a rebound for the first time since 4 sessions, after the number of crude oil drilling platforms in the United States last week four platforms to 796 platforms, according to Of the Baker Hughes data released on Friday, and the number of platforms for gas exploration seven platforms to 188 during the week ending on the ninth of March compared to 151 platforms in the same period of 2017.
US crude opened today at $ 60.17, recording a high of $ 62.33 and a low of $ 60.08, while Brent crude opened at $ 65.66 and hit a high of $ 65.84 and a low of $ 64.91. Brent crude was down 0.66%, and US crude was down 0.56%.
The US Energy Information Administration announced last Thursday that US crude inventories, which showed a decrease in the surplus to about 2.4 million barrels last week, compared to about 3.0 million barrels in the previous reading, which came below expectations at a surplus of about 2.6 million barrels, to witness Inventories rose 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 in the week, Saudi Oil Minister Khalid Al-Falih stressed that demand for oil and natural gas would continue for a long time, despite some countries turning to low-carbon sources. The world is leaning towards 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 levels of 52.66 - 54.54. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators. Therefore, we expect that the oil will test the level of 50.00 dollar, which by breaking it down will target the…
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