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Oil prices fell despite the hurricane of Florence and the fall of US stocks

2018-09-13 07:28 am | Resource: News | No Views : 85


 
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 stocks

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.

Oil trading
  • 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.


Other analysis

OIL Technical analysis 12 November 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term Oil is still under selling pressure to reach level of 59.17 In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the oversold area Accordingly, we expect that the oil will test the upper boundary of the down channel around the level of 61.50,…

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