Oil keeps its gains and Brent crude is nearing gains of around 1 percent
2018-08-07 02:31 pm | Resource: NEWS | No Views : 127
Oil holds yesterday's gains, and Brent crude is nearing 1% gains after US sanctions against Iran, OPEC's third largest oil producer, have been activated.
US President Donald Trump began imposing economic sanctions on Iran following the withdrawal of states from Iran's nuclear deal. Sanctions on Tehran are expected to cut exports by about 1 million bpd.
As well as lower drilling and drilling platforms in the United States last week by about 2 platforms to a total of 859 platform, the second decline over the past three weeks., The number of platforms for gas exploration fell to one platform platform 186
The US Petroleum Institute announced last week that US inventories fell 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 Tuesday by 0.30% to reach $ 69.22 a barrel. US crude opened today at $ 68.92, recording a high of $ 69.83 and a low of $ 68.81.
Brent crude was the most active at $ 73.66, recording a high of $ 74.90 and a low of $ 73.55. Brent crude was up 1.02%. To trade at $ 74.45
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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