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Oil stability amid reports of price hike in 2019

2018-11-08 07:26 am | Resource: News | No Views : 83



 Oil prices held steady on Thursday, but US crude is still near eight-month lows, after closing at $ 61.67, the lowest since March. After rising US oil inventories, indicating an oversupply of markets.
Amid reports that the intention of "OPEC" and Uusia cut production during the next year due to the continued supply abundance

Trump: Oil prices are down because of me

Earlier in the day, US President Donald Trump said oil prices were "falling" because of him, once again eating up the Organization of the Petroleum Exporting Countries (OPEC). Speaking at the White House, Trump said he considered high oil prices to be taxing consumers and "I do not like taxes."

He said the sanctions against Iran "may become tougher over time," but added that he did not want to provoke the oil market "too fragile" too much. "I have given some countries a break because they have asked for some help and I do not want to raise oil prices to $ 100 a barrel," Trump told reporters on concessions from sanctions for eight countries.

Data released yesterday by the Energy Information Administration showed US oil inventories increased by 5.8 million barrels to 431.8 million barrels for the week ending Nov. 2, the US Energy Information Administration said Wednesday. Crude oil inputs averaged 16.4 million barrels per day during the same week, 9,000 barrels lower than the previous week's average. Refineries operate 90% of their capacity. Meanwhile, gasoline production averaged about 9.7 million barrels per day.

Oil trading

  • West Texas crude futures were up slightly by 0.1 percent for December delivery of $ 61.74 a barrel at 8:17 am GMT,
  • Brent crude for January delivery settled at $ 72.09 a barrel.


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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