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Oil prices are up for a third day in a row

2018-04-11 04:06 pm | Resource: NEWS | No Views : 183



Oil prices are up for a third day in a row, despite US inventory data, which showed more than expected rise in line with rising geopolitical tensions in the Middle East.

US crude rose by 2.36% to reach $ 67.04 a barrel. US crude opened the day at $ 66.01, recording a high of $ 67.20 and a low of $ 66.00.

As for Brent crude, it started the day at $ 71.05, recording a high of $ 72.50 and a low of $ 71.00. Brent crude gained 1.91%

The US Energy Information Administration revealed the US crude inventories report, which showed a surplus of 3.3 million barrels last week on April 6 compared to a deficit of 4.6 million barrels in the previous weekly reading,

 This is in contrast to expectations that the deficit shrank to 0.6 million barrels, with inventories rising to 428.6 million barrels while stocks remain below the average range for this time of year.

It is worth mentioning that US crude helped record a rise in production last week by about 30 thousand barrels per day, the fifth consecutive weekly increase, bringing the total production to 10.43 million barrels per day, the highest level of American production at all.


Other analysis

OIL Technical analysis 24 September 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 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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