Oil is falling in early trading on Monday, despite the rise in medicine on oil globall
2018-06-11 08:03 am | Resource: NEWS | No Views : 130
Oil is falling in early trading on Monday, despite the rise in medicine on crude oil by the Asian continent, as well as the decline of the dollar index strongly, helping to change the price of oil.
On the other hand, we see the rise of drilling excavators operating in the United States during the past week to a record level, which increased the rate of one digger to reach the highest level since March 2015 at 862 backhoe.
Where analysts expect rising US production to offset OPEC-led production cuts, which have been in place since 2017 as the United States continues to boost oil production.
US production has jumped more than 28% since mid-2016, surpassing Saudi Arabia's stable production of around 9.9 million barrels per day.
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 yesterday by 0.15% to reach $ 65.64 a barrel. US crude opened at $ 65.53 and recorded a high of $ 65.72 and a low of $ 65.29.
Brent crude was the most active at $ 76.31 and recorded a high of $ 76.60 and a low of $ 75.85. Brent crude was down 0.44%. To trade at $ 76.11
Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around levels of 52.50 - 54.54. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators. Accordingly, we expect that the oil will test levels of 52.5 - 54.54 dollar. The alternative scenario is that the oil…
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