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Oil prices recorded losses during the start of trading week

2018-05-14 09:28 am | Resource: NEWS | No Views : 47



Oil prices recorded losses during the start of the new week, despite the decline of the dollar index, after prices last week, the highest level in three and a half years, achieving the fifth weekly gain in a row

US crude fell Monday by 0.11% to hit $ 70.62 a barrel. US crude opened today at $ 70.50 and hit a high of $ 70.74 and a low of $ 70.28.

Brent crude was the most active at $ 77.02, recording a high of $ 77.56 and a low of $ 77.12. Brent crude fell 0.10%. To trade at $ 77.03

Oil prices rose 2.2% last week, making their fifth consecutive weekly gain, 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.

Energy companies added 10 oil excavators in the week ending May 11 to a total of 844 diggers, the highest since March 2015, Baker Hughes Energy Services said Friday in its weekly report on Friday.

Since the beginning of the year, the total number of active oil and gas rigs in the United States has reached 983, up sharply from an average of 876 in 2017 and heading towards the highest average since 2014, when it reached 1,862 diggers. Most of the excavators produce both oil and gas.

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.


Other analysis

OIL Technical analysis 24 May 2018

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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