Sharp declines in oil prices following the US inventory report weekly
2018-08-08 04:51 pm | Resource: NEWS | No Views : 109
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 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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