Oil hits its highest level in 3 and a half years
2018-05-10 12:45 pm | Resource: NEWS | No Views : 132
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.
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 around the level of 70.46 down to reach the bearish target around the level of 68.27 forming a positive candlestick pattern In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of…
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