Oil prices fell from a three and a half year high amid geopolitical tensions
2018-07-11 11:20 am | Resource: NEWS | No Views : 101
Oil prices fell from a three and a half year high amid geopolitical tensions, and the trade dispute between the United States and China, the world's biggest oil consumer, worsened.
Where the administration of President Donald Trump threatened to impose a new tariff of about 10 percent on Chinese goods worth 200 billion dollars, and the administration set a two-month period to determine the list of Chinese goods that will be subject to that tariff before the actual implementation.
The US Petroleum Institute announced yesterday that inventories fell 6.8 million barrels in the week ending July 6, the fourth consecutive weekly decline, to counter the experts' expectations of 4.5 million barrels.
The Baker Hughes data last week also reported 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 Wednesday by 0.66% to hit $ 73.62 a barrel. US crude opened at $ 74.23, recording a high of $ 74.27 and a low of $ 73.22.
Brent crude was the most active at $ 78.97 and recorded a high of $ 78.98 and a low of $ 76.66. Brent crude was down 2.08%. To trade at $ 77.25
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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