Oil prices continued to fall for the third day in a row again approaching the eight week low
2018-06-06 02:09 pm | Resource: NEWS | No Views : 120
Oil prices continued to fall for a third consecutive day, coming back from an eight-week low as production in the United States accelerated to record highs, especially after drilling and drilling rigs in the country rose to their highest level in more than three years.
It is worth mentioning that the markets are looking forward to the weekly report of the US Energy Agency on crude stocks and production levels in the United States during the US session on Wednesday.
The US Petroleum Institute announced last week that US trade inventories fell last week by 2.0 million barrels, the second decline in the last three weeks
Baker Hughes also announced last week that drilling and drilling platforms in the United States increased by 2 platforms, the second consecutive weekly increase, bringing the total operating platform to 861 platforms, the highest level since March 2015.
US production has risen 27% since mid-2016 to 10.77 million bpd, surpassing Saudi Arabia's production.
It is worth noting that markets are waiting for OPEC and some independent producers to meet in Vienna on June 22 to set production policy.
Where your father may decide to end the global supply reduction program early and raise production levels at its next meeting, due to fears of shrinking oil supplies from Iran and Venezuela because of US sanctions
US crude fell Tuesday by 0.32% to reach $ 65.30 a barrel. US crude opened today at $ 65.53 and recorded a high of $ 65.97 and a low of $ 64.92.
Brent crude was the most active at $ 75.00, recording a high of $ 76.25 and a low of $ 74.38. Brent crude was down 0.23%. To trade at $ 75.20
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
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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