Oil prices rise ahead of weekly closures
2018-09-14 10:24 am | Resource: News | No Views : 43
Oil prices rebounded on Friday from a sharp drop in the previous session and remained on track for strong weekly gains as investors looked to the latest US production scale.
Despite the sharp drop in oil prices on Wednesday, barrels are still on track for weekly gains at 1.8% and 2.0% respectively, as traders continue to assess global supply and demand.
Traders will focus on Friday on the latest data on US crude production from Baker Hughes.
Oil and Iranian sanctions
At the same time, as part of ongoing US efforts to reduce oil prices in the face of November sanctions on Iran's exports, Energy Minister Rick Perry met with his Russian counterpart Alexander Novak in Moscow on Thursday, urging Novak to cooperate as a leader of energy producers to ensure the stability of the world market. He told Novak that both countries are keen to maintain market competitiveness. He met officials from Saudi Arabia earlier in the week. The three countries are the largest oil producers in the world.
Indian refineries will cut their monthly shipments from Iran in September and October by almost half earlier this year as New Delhi is working to win cuts on US oil sanctions Washington plans to impose on Tehran in November.
India's shipments to Iran this month will drop to below 12 million barrels, after purchases from April to August were boosted in anticipation of cuts.
The United States is renewing sanctions against Iran after a withdrawal from a nuclear deal signed in 2015 between Tehran and world powers. Washington has re-imposed some financial sanctions from August 6, while sanctions affecting Iran's oil sector will come into force on Nov. 4.
India, Iran's No. 2 customer behind China's biggest buyer, does not recognize US sanctions again, but winning the waiver of restrictions is a must for New Delhi to protect its broader exposure to the US financial system.
The Organization of Petroleum Exporting Countries (OPEC), Russia and other non-member countries agreed in June to return to 100% compliance with oil production cuts, which began in January 2017, after a shortage of production increased commitment by more than 160%.
Oil prices and energy sources
- Futures for the New York Mercantile Exchange rose 41 cents, or 0.60 percent, to $ 69.00 a barrel by 8:29 GMT.
- Meanwhile, Brent crude, the benchmark for oil prices outside the US, rose 27 cents, or 0.35 percent, to $ 78.45.
- Petrol futures fell 0.13% to $ 1.9960 a gallon by 8:31 GMT.
- While heating oil rose 0.22% to $ 2.2283 per gallon.
- Finally, natural gas futures traded 0.32% to $ 2.808 per million British thermal units.
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 level of 71.44 forming a negative candlestick pattern In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators Accordingly, we expect oil to drop to 70.42 - 69.53 The alternative scenario is that the oil…
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