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Oil opens new weeks trading on gains amid lower production in Saudi Arabia

2018-08-06 03:03 pm | Resource: NEWS | No Views : 133



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


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OIL Technical analysis 10 December 2018

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 the 54.54 level despite breaching the 52.50 level to the upside, but it is still moving sideways, indicating that there is still selling pressure on oil. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators.…

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