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Oil prices expand losses during US trade

2018-03-12 06:14 pm | Resource: NEWS | No Views : 181

Oil futures extended losses during US trade, amid a drop in volumes, in the absence of important economic data on Monday, to record US crude fell by 1.37%, and opened US crude trading today at $ 60.17, the highest level at $ 62.33, and the lowest level at 60.70 dollars, while Brent crude began trading today at levels of 65.66 dollars, the highest level at 65.84 dollars, and the lowest level at 64.21 dollars, recording Brent crude fell by 1.13%

US crude oil drilling platforms fell four times to 796 platforms last week, according to Baker Hughes data released on Friday, and the number of gas platforms increased seven platforms to 188 during the week ending March 9 compared to 151 platform in the same period of 2017.

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 rise 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.

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OIL Technical analysis 10 December 2018

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 54.54 level despite breaching the 52.50 level to the upside, but it is still moving sideways, indicating that there is still selling pressure on oil. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators.…

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