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Oil prices gain in European trading for a fifth straight day

2018-04-13 09:25 am | Resource: NEWS | No Views : 152

Oil prices posted gains in European trading on Friday, extending for a fifth straight day, and US crude hit its highest level since December 2014, coinciding with rising geopolitical tensions in the Middle East. About Syria, and the potential for production disruption from the Gulf region.

US crude rose by 0.76% to reach $ 67.58 a barrel. US crude opened today at $ 67.17, recording a high of $ 67.63 and a low of $ 66.79.

Brent crude was the most active at $ 72.11, recording a high of $ 72.59 and a low of $ 71.72. Brent crude was up 0.75%.

Global oil prices have gained strong gains this week by more than 8%, amid geopolitical tensions in the Middle East, and heightened concerns about disruption of supplies from the oil-rich Gulf region.

The US Energy Information Administration released earlier this week 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.

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OIL Technical analysis 19 July 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term The bears managed to control the movement of oil to break the support level of  67.80 down to reach the support level of  66.67 forming a  positive candlesticks pattern   In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area Accordingly,…

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