Oil prices recorded losses during Friday trading despite the decline in the US dollar index
2018-05-11 01:19 pm | Resource: NEWS | No Views : 52
Oil prices recorded losses on Friday, despite the decline in the US dollar index, after yesterday's prices reached the highest level in three and a half years, but about to achieve the fifth weekly gain in a row
Oil prices rose 2.2% this week, nearly fifth consecutive weekly gains, among the longest weekly gain since October 2017, after the United States withdrew from Iran's nuclear deal.
Trump announced last Tuesday that he would formally withdraw from the nuclear deal and decided to re-impose economic sanctions on Tehran, and that his country had proven evidence that the Iranian regime was violating the nuclear deal.
The US Energy Information Administration announced on Wednesday that crude inventories fell by 2.2 million barrels for the week ending 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.
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 was down 0.18% at $ 71.24 a barrel. US crude opened at $ 71.44 and hit a high of $ 71.62 and a low of $ 71.12.
Brent crude was the highest at $ 77.56 and lowest at $ 77.09, with Brent crude falling 0.21%. To trade at $ 77.28
Time frame Used - four hours Oil is moving in a sideway in the near-term Purchasing power managed to push oil to level of 72.60 where it faces resistance around this level In view of the technical indicators Both the RSI and the Stochastic are pointing to the continued decline of the indicators Therefore, we expect that the oil will test level of 70.33 again The alternative scenario is…
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