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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 : 143



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


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Gold Technical analysis 12 December 2018

Time frame Used - four hours Gold is moving in a sideway direction in the near term. Gold is still facing resistance and selling pressure around the resistance level of 1250 to fall back to support level 1241 forming a positive candlestick pattern.   In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery.   Therefore, we expect that the gold will target…

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