Oil continues to decline after OPEC Secretary General comments
2018-10-11 10:14 am | Resource: | No Views : 29
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.
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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