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Oil prices rose despite European trading during Tuesday

2018-10-09 08:33 am | Resource: News | No Views : 34



 Oil prices rose on Tuesday due to a drop in Iranian crude oil exports, and the storm in the United States led to an impact on oil production. Michael is heading for Florida after closing about 19 percent of oil production and 11 percent of natural gas in the Gulf of Mexico

Oil companies operating in the Gulf of Mexico closed 19 percent of oil production as hurricane Michael moved to the Gulf states, including Florida.

The US dollar was mostly cutting off its meager losses on Tuesday, but the rise in oil prices for other currency holders failed to curb the advance of commodity futures on the market.

According to reports, Iran exports 1.1 million barrels per day of crude oil every seven days. Iranian Oil Minister Bijan Zangani on Monday described a Saudi claim that the kingdom could replace Iran's crude exports as "nonsense" after Saudi Arabia, OPEC's biggest producer, announced plans to raise crude production next month to 10.7 million barrels per day A record.

In other news, the International Monetary Fund said in its World Economic Outlook on Tuesday that it expected oil prices to trade at $ 68.78 a barrel in 2019 and $ 60 in 2023.

Oil continued to rise despite the announcement of Eni to expand its investment to enter projects in Libya where it is expected to reactivate the pursuit of oil and gas exploration on land, on Monday,

After Eni agreed to buy a 42.5 percent stake in BP for an undisclosed sum. The assets constitute half the shares of the British partner in the fields in Libya, which holds the remaining 15%. The LOI includes an initiative for social activities such as education and training.

  • Crude Oil WTI futures rose 0.43% to $ 74.61 a barrel on the New York Mercantile Exchange
  • London's Brent crude futures contract rose 0.5% to $ 84.31 a barrel.


Other analysis

OIL Technical analysis 16 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 retreat below level of  70.46, forming a positive candlestick pattern but it still facing resistance around level of  72.71   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…

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