country flagالعربية

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 : 111

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

Other analysis

OIL Technical analysis 21 September 2018

Time frame Used - four hours Oil is moving in a sideway  direction in the near term The bears managed to control the oil movement to retreat lower as oil faced resistance and selling pressure around the 71.44 level   In view of the technical indicators Both the RSI and the Stochastic are indicating to decline of the indicators Accordingly, we expect that the oil will drop to level of …

More analysis

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.