Oil rises moderately due to lower US inventories
2019-03-13 08:35 am | Resource: NEWS | No Views : 35
Crude oil futures traded for a third consecutive day on Wednesday, though slightly lower than yesterday's high.
Standard energy commodity valuations were based on a decline in commercial inventories in the week ending March 8 in the United States, according to API standards. The results of the special survey showed a decrease of 2.6 million barrels, while the loss of the industrial center in Cushing, Oklahoma, 1.1 million barrels, in addition to the reduction of gasoline by 5.8 million barrels in total.
US Petroleum Institute shows drop in crude stocks
The API's weekly report on Tuesday showed a 2.6 million barrel drop in crude oil inventories, according to US media reports. Reserves in Cushing, Oklahoma are said to have fallen by 1.1 million barrels. The volume of gasoline fell by 5.8 million barrels, while in distillates, the figures showed an increase of 195,000 barrels. However, traders are still waiting for official data from the Department of Energy scheduled today.
Investors were often bullish because of US sanctions and disruptions in Venezuela and the possibility that the administration in Washington and Israel would use force to stop Iran's shipments.
Tusk: The possibility of Britain leaving the EU without the "deal" has risen dramatically
On the other hand, the rise in oil was capped by fears of consequences if Britain emerged from the EU in an unregulated fashion. European Council President Donald Tusk expressed his regret over the failure of Britain's exit from the European Union in the British Parliament, claiming it was "difficult to see" what the EU could do to secure the agreement. He warned that "Britain's exit from the EU" could lead to a "significant increase" with only 17 days before the March 29 deadline.
Tusk pointed out that any possible solution to the current situation should come from London and the European Union reiterated its support for the withdrawal agreement, including support. He added that the union will take into account the request for delay from the United Kingdom, but that requires a reason to grant it.
Tusk said. "If there is a reasoned request from the United Kingdom for its extension, the European Union will consider and decide unanimously.27 The EU will expect 27 a credible justification for a possible extension and duration,
(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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