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Oil is trading in green as production in Venezuela shrinks

2019-03-12 08:24 am | Resource: News | No Views : 42

Crude oil futures rose for a second consecutive day on Tuesday as traders took into account the risk of a rapid decline in output in volatile Venezuela. A series of fires and explosions in power transformers left the country in blackout and blocked stations and oil installations. The country is suffering from US sanctions, which also target oil, but sharp cuts have the potential to disrupt the market faster than expected.

The United States is on track to become a net exporter of oil by 2021, the International Energy Agency said yesterday, in addition to defeating Russia and Saudi Arabia at some point. In other news, Iranian President Hassan Rowhani is in Iraq, trying to secure natural gas shipments to the neighboring country, reducing US sanctions.

"Barkindo": American rock oil companies received support from the efforts of "OPEC" to reduce production

OPEC's secretary-general Mohamed Barkindo said work was under way to restore the balance of the world oil market and that supply adjustments would continue through 2019. Barkindo said at the Sierra conference that US rock oil companies had benefited from efforts to reduce supply from Before OPEC and its allies that supported prices. The comments came during a meeting of several energy leaders around the world at the "Sierra" conference, which began yesterday in Houston, Texas

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Best Opportunities, Vision and Technical Analysis for The Oil 18 March 2019

(CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bullish direction in the near term. Oil finally managed to breach the important resistance level of 57.87 to the upside as the bulls managed to control the oil movement to break through trading range to upside ,to reach the level of 58.95 where the oil is facing some selling Pressure around this level. In…

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