Oil prices fell despite the hurricane of Florence and the fall of US stocks
2018-09-13 07:28 am | Resource: News | No Views : 148
Oil prices fell on Thursday morning in Asia, despite the contraction of crude oil inventories in the United States and the direction of hurricane Florence to the east coast of the country. Economic concerns have also raised doubts about the continued growth in demand for fuel.
The drop is attributed to fears of a possible slowdown in fuel demand growth due to trade disputes between the United States and China, the world's biggest oil consumer, as well as the turmoil in emerging markets.
US crude oil inventories fell by 5.3 million barrels a week to September 7 to less than 4 million barrels, the lowest level since February 2015 and about 3% below the five-year average for this time of year, according to a report from the United States. Department of Energy Information issued on Wednesday.
The US Department of Energy released preliminary estimates on Wednesday, which indicated that the country had become the world's largest crude oil producer for the first time since 1973. It is reported that Texas is the center of rock oil. The Energy Information Administration expects US production to exceed Russia and Saudi Arabia by 2019.
OPEC also published a report on Wednesday, cutting world oil demand growth for 2018 by about 20,000 bpd due to slower-than-expected performance in Latin America and the Middle East in the second quarter. Global demand for oil is 1.62 million barrels per day and global consumption is 98.82 million bpd this year.
US sanctions, which start in November, are expected to reduce Iran's crude oil, the world's fifth-largest oil exporter, pushing Brent crude above $ 80 a barrel for the first time since May, and WTI More than $ 70 during the previous session due to low crude oil inventories and production levels.
- The price of WTI futures was $ 69.88 a barrel at 0635 GMT, down 49 cents, or 0.7 percent, from recent trading.
- Brent crude futures fell 38 cents, or 0.5 percent, to $ 79.36 a barrel.
(CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bearish direction in the near term. Oil is still facing resistance and selling pressure around the level of 51.77 to retreat under the pressure of selling down as oil fell in the middle of today's trading to fall nearly from the levels of 50 dollar and also we note that oil is facing the…
- Gold Technical analysis 15 January 2019 11:27 pm2019-01-14
- OIL Technical analysis 14 January 2019 11:35 pm2019-01-13
- Gold Technical analysis 14 January 2019 11:18 pm2019-01-13
- OIL Technical analysis 11 January 2019 12:37 am2019-01-11
- Gold Technical analysis 11 January 2019 12:30 am2019-01-11
- OIL Technical analysis 10 January 2019 12:21 am2019-01-10
- Gold Technical analysis 10 January 2019 12:13 am2019-01-10
- OIL Technical analysis 9 January 2019 12:00 am2019-01-09
- Gold Technical analysis 9 January 2019 11:56 pm2019-01-08
Best trading brokers
- The rise of gasoline contracts supports oil to reach its levels in two months 2017-07-28
- Oil prices maintain their highest level in 8 weeks 2017-07-28
- Oil prices rise ahead of US inventory data 2018-08-28
- Oil falls influenced by the International Energy Agency report 2017-08-14
- Brief Market News 2017-07-12
- Technical analysis and outlook for most currencies - commodities and Shares for 2019 05:20 pm 2019-01-01
- The last part: the difference between correction and reflection and how to trade them? 09:36 am 2018-12-18
- Difference between correction and reversal and how to trade them? 08:04 am 2018-12-17
- Dogecoin .. Electronic currency arose as a result of irony 03:54 pm 2018-01-26
- Currency and commodity analysis for 2018 05:14 pm 2018-01-01