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Oil prices fell on Thursday following the US Energy Information Administration report

2018-07-05 07:31 pm | Resource: NEWS | No Views : 71



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


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OIL Technical analysis 19 July 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term The bears managed to control the movement of oil to break the support level of  67.80 down to reach the support level of  66.67 forming a  positive candlesticks pattern   In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area Accordingly,…

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