country flagالعربية

Oil has fallen in supply and Iran sanctions have declined

2018-11-07 08:06 am | Resource: News | No Views : 199

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

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

  (CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bullish direction in the near term. Oil continues to gain further after breaking the resistance level around 57.87 higher as the bulls managed to push oil to the level of 60.26. In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought…

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.