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Oil hits its highest level in 3 and a half years

2018-05-10 12:45 pm | Resource: NEWS | No Views : 168

Oil prices continue to make gains and reach their highest level this year, among the longest series of daily gains this year to hit a 3-1 / 2 year high,

The gains follow US President Donald Trump's decision to withdraw from an international nuclear deal with Iran, which would limit oil exports from OPEC's biggest members in a narrow market.

The US Energy Information Administration announced yesterday that crude inventories fell by 2.2 million barrels for the week ended May 4, the first decline in three weeks, exceeding experts' expectations of a decline of about 0.2 million barrels.

US production has jumped 27 percent since mid-2016, outpacing Saudi Arabia's steady output of around 9.9 million barrels per day, close to Russia's biggest oil producer of around 11 million bpd.

Iran has emerged as a major oil exporter in 2016 after lifting international sanctions against Iran's nuclear program, which exceeded 2.6 million bpd in April.

Last week, global oil prices rose 2.7%, their fourth weekly gain in a row, among the longest weekly oil gains this year.

US crude rose by 2.49% to reach $ 71.49 a barrel. US crude opened today at $ 71.28, recording a high of $ 71.88 and a low of $ 71.19.

Brent crude was the most active at $ 77.23, recording a high of $ 77.97 and a low of $ 77.28. Brent crude gained 0.34%. To trade at $ 77.47.

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OIL Technical analysis 15 January 2019

(CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bearish direction in the near term. Oil is still facing resistance and selling pressure around the level of 51.77 to retreat under the pressure of selling down as oil fell in the middle of today's trading to fall nearly from the levels of 50 dollar and also we note that oil is facing the…

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