Acceleration of US oil production put pressure on US crude prices and Brent on the rise
2018-07-09 01:54 pm | Resource: NEWS | No Views : 142
Oil prices diverged at the start of Monday's trading session, with Brent recording gains, and US crude fell by nearly 0.20% amid renewed concerns over the acceleration of oil production in the United States to a new record high.
Last week, Baker Hughes data released a 5-platform rally in the United States, the first rise in three weeks, to a total of 863 platforms, the highest level since March 2015.
US production jumped 29% since mid-2016 to a total of 10.9 million barrels, surpassing the production of Saudi Arabia, and close to Russia's production.
The US Energy Information Administration report also showed a surplus in US oil inventories last week, at 1.2 million barrels, compared to a deficit of 9.9 million barrels in the previous weekly reading.
US crude fell 0.6% last week, its first weekly loss in three weeks, on correction from a three-and-a-half year high.
US crude fell Monday by 0.19% to hit $ 73.72 a barrel. US crude opened at $ 73.85, recording a high of $ 74.23 and a low of $ 73.47.
Brent crude was the most active at $ 77.08, recording a high of $ 77.97 and a low of $ 77.04. Brent crude gained 0.77%. To trade at $ 77.70
Time frame Used - four hours Oil is moving in a bearish direction in the near term Oil is still under selling pressure to reach level of 59.17 In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area Accordingly, we expect that the oil will test the upper boundary of the down channel around the level of 61.50,…
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