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​Oil falls for a second straight day on Wednesday amid a rise in the US dollar index

2018-06-13 01:32 pm | Resource: NEWS | No Views : 146

Oil falls for a second straight day on Wednesday amid a rise in the US dollar index, and attention on the weekly report of the US Energy Agency on commercial crude stocks and production levels in the United States.

The US Petroleum Institute announced last week that the country's trade inventories rose last week by 0.85 million barrels, the second rise in the last three weeks, and the experts' forecasts were down by about 2.7 million barrels.

 Despite the rise in medicine on crude oil by the Asian continent, in addition to 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.

US production jumped the previous week by about 30,000 barrels to a total of 10.80 million barrels per day, the highest level of production in the United States at all, and expectations are to increase production to a new record.

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 by 0.56% to reach $ 65.99 a barrel. US crude opened today at $ 66.03, recording a high of $ 66.33 and a low of $ 65.53.
Brent crude was trading at $ 75.50, recording a high of $ 76.17 and a low of $ 75.27. Brent crude was down 0.25%. To trade at $ 75.69

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OIL Technical analysis 18 January 2019

  (CURDE OIL - WTI ) 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 the 52.50 -  53.37 levels, but is still consolidating at a high of 50.33. In view of the technical indicators Both the RSI and Stochastic are indicating to decline of the indicators. Therefore, we expect that the oil…

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