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Oil prices continue to decline during Thursday trading

2018-08-09 06:06 pm | Resource: NEWS | No Views : 89

Oil prices fell in US trading Thursday after the US Energy Information Administration data released yesterday on US oil inventories last week.

US crude fell Thursday by 9.09% to reach $ 66.88 a barrel. US crude opened today at $ 66.80, recording a high of $ 67.41 and a low of $ 66.50.
 
Brent crude was the most active at $ 72.25, recording a high of $ 747290 and a low of $ 71.86. Brent crude was down 0.24%. To trade at $ 72.00

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


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OIL Technical analysis 15 October 2018

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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