Oil prices are mixed in performance Tuesday
2018-03-13 12:18 pm | Resource: NEWS | No Views : 91
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 bullish direction in the near term The purchasing power managed to control the movement of oil to penetrate the resistance level of 65.93 to the upside to hit level of 69.36 In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the overbought area Accordingly, we expect that the…
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