Oil prices are down after three consecutive days of gains
2018-04-12 01:12 pm | Resource: NEWS | No Views : 210
Oil prices are down after three consecutive days of gains, as US stocks rose, coinciding with rising geopolitical tensions in the Middle East. On its way to record the first loss in four.
US crude was down 0.60% at $ 66.34 a barrel. US crude opened today at $ 66.75, recording a high of $ 67.31 and a low of $ 66.31.
As for Brent crude, it started the day at $ 71.88, recording a high of $ 72.47 and a low of $ 71.46. Brent crude was down 0.43%
The US Energy Information Administration revealed yesterday 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.
Global oil prices have seen huge gains over the past three days of about 7.5% as geopolitical tensions in the Middle East escalated and concerns about disruption of supplies from the oil-rich Gulf region escalated.
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.
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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