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Oil prices fell 1.5 percent as inventories rose

2018-12-05 07:23 am | Resource: News | No Views : 39

 

 Crude oil prices fell sharply on Wednesday, down 1.5% as investors worried about high levels of US crude inventories. Oil prices fell as US inventories rose, recording a record high of 5.4 million barrels last week.

At the same time, market observers also focused on the forthcoming Energy Information Management (EIA) report due later today.

Russia and Saudi Arabia talk about oil before OPEC meeting

Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid al-Faleh will meet on Wednesday to discuss the current situation in the oil market ahead of the Organization of Petroleum Exporting Countries (OPEC) summit, the agency said. The meeting of the OPEC ministerial follow-up committee is scheduled to be held later today.

Novak and Al-Falih have negotiated production cuts since November when Saudi Arabia proposed a production cap of at least 1 million bpd in 2019. The reports came after reports of a global production cap agreement. OPEC + meeting in Russia, only to agree with the "symbolic" reductions of their production.

On Tuesday, it was also reported that OPEC would postpone the production cap agreement if Russia did not agree to cut its production significantly.

In other news, President Donald Trump said trade negotiations with China would be extended to 90 days to finalize 800 points. Also in the oil-related news, Iranian President Hassan Rowhani has threatened not to allow the export of any oil through the Persian Gulf if the United States fights the export of Iranian oil

Oil contracts

WTI crude for January fell 1.46%, trading at $ 52.47 a barrel at 7:04 am GMT
The Brent mark fell 1.59% to trade at $ 61.13 a barrel at 7:11 am.


Other analysis

OIL Technical analysis 14 December 2018

Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around levels of 52.66 - 54.54. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators. Therefore, we expect that the oil will test the level of 50.00 dollar, which by breaking it down will target the…

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