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Oil is nearing a 5 month high

2019-04-10 10:53 am | Resource: NEWS | No Views : 62

 Oil is nearing a 5-month high

Oil prices continued to rise during Wednesday's trading after the Petroleum Institute data and before OPEC's monthly report

The US Petroleum Institute said Tuesday that crude inventories in the United States rose by 4.1 million barrels last week, exceeding expectations of an increase of 2.8 million barrels. The US Energy Information Administration on Tuesday reduced its forecast for global oil demand growth by 50 thousand barrels per day to 1.40 million barrels per day this year, and by 10 thousand barrels to 1.45 million barrels per day in 2020.

New blackout hits parts of Venezuela

New disruptions in the Venezuelan power grid appeared after midnight on Wednesday, as the troubled Latin American country suffered power cuts, according to several reports on social media. It is reported that power cuts have hit large parts of the country.

Recently, Venezuelan President Nicolas Maduro has accused Chile, Colombia and the United States of launching attacks against the country's electricity network. Meanwhile, the political crisis in Venezuela continues to deepen. Yesterday, the Foreign Ministry in Caracas said the country would leave the Organization of American States (OAS), an all-American organization based in Washington, DC.

Putin is "not ready" to say whether Russia will cut oil production

Russian President Vladimir Putin said on Tuesday that the current level of oil prices is fine with him, and emerged from an "uncontrollable" increase.

Putin was not ready to say whether Russia would cut oil production in the second half of 2019. "Russian companies have their own plans," he said. The president stressed that OPEC and Russia are ready to cooperate and monitor the crude oil market closely. Earlier in the day, Russian Energy Minister Alexander Novak announced the possibility of increasing the volume of oil production in May or June.

On the other hand, Chinese yuan futures declined against their counterparts in London and New York, amid mixed signals on supply and demand, with the OPEC monthly report expected later in the day. At Wednesday's close on the Shanghai Mercantile Exchange, crude for May delivery fell 0.65 percent, or 3.2 yuan, to 475.7 yuan a barrel ($ 70.83).

Oil contracts
  • Brent crude for June delivery rose 0.35% to $ 70.86 a barrel.
  • US WTI crude for May delivery rose 0.50% to $ 64.31 a barrel at 10:52 am.


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Best Opportunities, Vision and Technical Analysis for The Oil 17 April 2019

(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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