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Oil corrected after a strong rally yesterday

2019-01-10 08:39 am | Resource: News | No Views : 117

Thursday's profit-taking dominated the oil market, leading to lower contract prices. The sell side was supported by the details and comments of the negotiators from the United States and China, who made partial progress in an attempt to end the intra-trade war.

In addition, inflation in the nation's most populous nation slowed sharply last month, raising concerns about the health of the economy.

However, traders remained slightly concerned about the global economic slowdown in 2019 as fears of a negative impact on oil demand returned after the World Bank cut its forecast for economic growth yesterday.

US Energy Information Administration: US oil inventories fall by 1.7 million barrels

US crude oil inventories fell 1.7 million barrels to 439.7 million barrels for the week ended Jan. 4, the US Energy Information Administration said Wednesday.

The average crude oil input was 17.6 million barrels per day during the same week, 194 thousand barrels lower than the previous week's average. Refinery works at 96.1% of its production capacity.

At the same time, gasoline production was higher than the previous week, averaging 9.4 million barrels a day.

The average crude oil imports averaged 7.8 million barrels per day last week, an increase of 454,000 barrels per day from the previous week. Total commercial oil inventories increased by 13.3 million barrels.

Saudi Arabia said yesterday it would cut production to 7.1 million barrels per day next month and denied it was targeting the price of $ 80 a barrel. Saudi Arabian Oil Company, or Aramco, plans to sell the bonds in the second quarter and list them in 2021.

Energy contracts
  • West Texas crude for delivery next month fell 1.17% to $ 51.75 a barrel at 8:33 CET.
  • Brent crude for March settled down 1.09% to $ 60.77 a barrel.

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…

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