Oil prices are mixed in performance Tuesday
2018-03-13 12:18 pm | Resource: NEWS | No Views : 136
Oil prices were mixed Tuesday as investors awaited preliminary data on US crude stockpiles released by the US Petroleum Institute (API) amid rising inventories for the third week in a row, with official data released by the US Energy Information Administration on Wednesday.
US crude fell 0.16% to reach $ 61.24 a barrel. US crude opened the day at $ 61.30, recording a high of $ 62.10 and a low of $ 60.90. Brent crude Today's trading at $ 64.98, recording a high of $ 65.25 and a low of $ 64.67, recording Brent crude falling 0.22%
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 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.
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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