Sharp declines in oil prices following the US inventory report weekly
2018-08-08 04:51 pm | Resource: NEWS | No Views : 85
Where the US Energy Information Administration issued its weekly report on the state of oil, showing that US crude inventories fell by 1.4 million barrels last week.
While maintaining the total US commercial oil stockpile of 407.4 million barrels. Commercial oil stocks are around 1% below the five-year average for this time of year.
The US Petroleum Institute announced on Tuesday evening that crude oil inventories fell by 6 million barrels in the week ending August 3.
Gasoline inventories rose by 3.1 million barrels and distillate inventories rose by 1.8 million barrels. During the same period, analysts expected crude inventories to fall by about 3.3 million barrels.
Gasoline inventories fell by 1.7 million barrels, and distillate inventories were expected to rise by 220,000 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 fell Wednesday by 4.50% to reach $ 66.40 a barrel. US crude opened today at $ 69.09, recording a high of $ 69.36 and a low of $ 66.33.
Brent crude was the highest at $ 74.86 and lowest at $ 71.81, recording a 3.55% decline. Currently trading at $ 71.90
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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