Oil opens new weeks trading on gains amid lower production in Saudi Arabia
2018-08-06 03:03 pm | Resource: NEWS | No Views : 102
Oil starts the new week's trading on gains, amid a drop in Saudi Arabia's crude oil output and a drop in oil inventories in the United States.
The gains followed a drop in Saudi oil after the suspension of cargo traffic across the Bab al-Mandab Straits, as well as the possibility of a decline in supplies after the US sanctions came into force.
The Baker Hughes data show that US drilling and drilling platforms fell last week by 2 to 859 platforms, the second decline in the last three weeks, and the number of platforms for gas exploration fell to 186 platforms
The US Petroleum Institute announced last week that US inventories fell by 3.2 million barrels in the week ending July 20, exceeding experts' expectations of a decline of 2.3 million barrels.
Oil prices fell 0.5% this week due to concerns over oversupply and the United States' tendency to resolve differences with Iran ahead of economic sanctions in November.
US crude rose by 1.71% to reach $ 69.67 a barrel. US crude opened today at $ 68.62, recording a high of $ 69.69 and a low of $ 68.50.
Brent crude was the most active at $ 73.18, recording a high of $ 74.31 and a low of $ 73.17. Brent crude gained 1.53%. To trade at $ 74.32
Time frame Used - four hours Oil is moving in a bearish direction in the near term The bears managed to press the oil to drop below level of 70.49 Forming a positive candlestick pattern In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery Accordingly, we expect that the oil will break above the 72.21 level to test levels of 72.73…
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