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Oil has fallen in supply and Iran sanctions have declined

2018-11-07 08:06 am | Resource: News | No Views : 55



Oil prices fell on Wednesday, continuing to fall since October after expectations of the US Petroleum Institute's report showed that US crude stocks were larger than expected. Eight countries were temporarily exempt from US sanctions on Iranian oil.

US crude inventories expanded 7.83 million barrels last week, the largest build in five weeks, compared to an average of 2 million barrels in the Bloomberg survey, the US Petroleum Agency said. The US government expects to increase domestic crude production at the highest annual pace ever, with the Energy Information Administration reporting average production of 10.9 million barrels per day this year, up from 9.35 million in 2017.

Washington re-imposed sanctions on Iranian oil exports on Monday, but granted exemptions to its largest customers, allowing it to limit imports in 180 days. Where it granted exemptions to eight importers, including China, India, South Korea, Japan, Italy, Greece, Taiwan and Turkey, to allow them to continue buying from the Islamic Republic "temporarily".

The mid-term elections in the United States took center stage in Asia, where several networks, including Fox, NBC, CNN and Fentheon-It said that the Democrats won the House and split Congress as expected.
Republicans were expected to retain a majority in the Senate.

The official reading - which investors are watching closely - is expected to be released Wednesday by the US Energy Information Administration.

Oil contracts
  •  WTI futures for December fell 0.6% to $ 61.87 a barrel at 05:08 GMT on the New York Mercantile Exchange
  • While Brent crude oil futures for January delivery fell by 0.2% to $ 72.00 a barrel in London Intercontinental Exchange.


Other analysis

OIL Technical analysis 16 November 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term. Oil is still under selling pressure, as it has not been able to test the resistance level 57.88 to face oil selling pressure around the level of 57.37 to fall back down again. In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the…

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