country flagالعربية

Oil continues to decline after OPEC Secretary General comments

2018-10-11 10:14 am | Resource: | No Views : 162

Oil prices fell on Thursday after a global stock market crash. Data from the US Petroleum Institute (API) were at the focus as US crude inventories jumped more-than-expected last week.

Oil prices extended losses by 2% from the previous session as shares in China and Japan fell more than 4% on Thursday, after US stocks suffered the worst one-day drop in eight months overnight. The S & P 500 index fell more than 3%, its biggest one-day decline since February.

 Barkindo: Many factors affect the oil market

OPEC Secretary-General Mohamed Barkindo said on Thursday there were many non-core factors affecting the oil market outside the control of crude producers. Barkindo, speaking at the Oil and Finance Conference in London, said he wanted to ensure that there was no shortage of crude in the market. Oil prices rose this year on expectations that US sanctions on Tehran would squeeze supplies by cutting shipments to OPEC's third largest producer.

Barkindo added that techniques to reduce emissions from fossil fuels and ultimately eliminate them should be of interest.

On the other hand, OPEC raised its forecast for growth in global demand for oil last month. It now sees oil consumption for 2020 at 101.9 million bpd, up 1.2 million bpd from last year's report. In the long run, oil demand is expected to increase by 14.5 million barrels per day to reach 111.7 million bpd by 2040.

Oil trading

  • New York crude futures for November delivery fell 1.38% to $ 72.16 a barrel
  • While Brent crude for December delivery fell 1.49% to $ 81.85 per barrel,

Other analysis

Best Opportunities, Vision and Technical Analysis for The Oil 22 February 2019

  (CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bullish direction in the near term. The Bulls managed to push the oil movement back to the upside again to hit the important resistance level 56.06, trying to breach the resistance level 56.06 to higher. In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of…

More analysis

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.