Oil prices fell on Thursday following the US Energy Information Administration report
2018-07-05 07:31 pm | Resource: NEWS | No Views : 115
Oil prices fell Thursday, following a report by the US Energy Information Administration, which showed a surplus in US oil inventories last week.
The report showed an increase of 1.2 million barrels last week on June 29, compared with a deficit of 9.9 million barrels in the previous weekly reading, contrary to expectations, which indicated a decrease in the deficit to 4.4 million barrels
The US Petroleum Institute announced this week that commercial inventories fell by 4.5 million barrels in the week ending June 29, the third consecutive weekly decline, exceeding experts' expectations of a 3.5 million barrel decline.
In addition to a declaration of the status of force majeure at the loading ports in Zwitina and Al Harika, raising the losses of Libyan oil production to a total of 850 thousand barrels per day with the closure of most fields and ports in the east of the country.
And finally US moves to pressure countries that cooperate with Iran to stop importing oil from it, in accordance with US sanctions. Following a widening deficit in US oil inventories and production disruption in Canada.
US crude fell by 1.52% to reach $ 73.02 a barrel. US crude opened today at $ 74.34, recording a high of $ 74.87 and a low of $ 72.55.
Brent crude was the most active at $ 78.03, recording a high of $ 78.50 and a low of $ 77.32. Brent crude was down 0.97%. To trade at $ 77.47
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 level of 71.44 forming a negative candlestick pattern In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect oil to drop to 70.42 - 69.53 The alternative scenario is that the oil…
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