Oil prices are gaining in US trading on Thursday amid rising concerns over global supplies
2018-06-07 02:37 pm | Resource: NEWS | No Views : 120
Oil prices are gaining in US trading on Thursday, amid rising concerns over global supplies, especially after Venezuela's supplies have been disrupted, with prices rebounding from an eight-week low.
Reuters reported that Venezuela is lagging by about a month from shipping crude oil to customers from its main export port.
Meanwhile, production in the United States accelerated to new record levels, especially after drilling and drilling platforms in the country reached their highest level in more than three years.
Where the US Energy Agency announced yesterday the rise of oil production last week by 30 thousand barrels per day, the second weekly increase in a row, to a total of 10.80 million barrels per day, the highest level ever for oil production in the United States.
To jump US production by more than 28% since the middle of 2016, exceeding the production of Saudi Arabia, which is stable around 9.9 million barrels per day,
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
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 rose by 1.48% to reach $ 65.72 a barrel. US crude opened today at $ 65.05, recording a high of $ 65.77 and a low of $ 64.81.
Brent crude was the most active at $ 75.72 and recorded a high of $ 76.58 and a low of $ 74.44. Brent crude gained 1.55%. To trade at $ 76.35
Time frame Used - four hours Oil is moving in a bearish direction in the near term The bears managed to press the oil to drop below level of 70.49 Forming a positive candlestick pattern In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery Accordingly, we expect that the oil will break above the 72.21 level to test levels of 72.73…
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