Oil prices gain in European trading for a fifth straight day
2018-04-13 09:25 am | Resource: NEWS | No Views : 240
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.
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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