Oil prices recorded losses for the third day in a row
2018-05-24 11:35 am | Resource: NEWS | No Views : 54
Oil prices record losses for the third day in a row, due to the possibility of OPEC to end the agreement to reduce the global supply early and raise production levels during the June meeting next
Where your father may decide to end the global supply reduction program early and raise production levels at its next meeting due to concerns about shrinking oil supplies from Iran and Venezuela due to US sanctions.
Where US Secretary of State Mike Pompeo said the United States would impose the most sanctions on Iran, and stressed that Tehran would struggle to keep its economy alive after the sanctions came into effect.
The United States will also impose economic sanctions on Venezuela, which will undermine the Venezuelan oil supply, Venezuela was pumping about 2.5 million barrels per day early 2016
US crude fell by 1.17% to hit $ 71.00 a barrel. US crude opened today at $ 71.84, recording a high of $ 71.98 and a low of $ 70.90.
Brent crude was the most active at $ 79.73, recording a high of $ 79.78 and a low of $ 78.79. Brent crude was down 1.13%. To trade at $ 78.90
Oil prices last week, their sixth weekly gain in a row, were among the longest weekly gain since October 2017, amid speculation of a drop in Iranian supply.
In the United States, the Energy Information Administration yesterday announced a rise in crude inventories in the country by 5.8 million barrels for the week ending May 18, contrary to experts' expectations of a decline of about 2.5 million barrels.
Since the beginning of the year, the total number of active oil and gas rigs in the United States has reached 983, up sharply from an average of 876 in 2017 and heading towards the highest average since 2014, when it reached 1,862 diggers. Most of the excavators produce both oil and gas.
Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term The bears was able to control movement of the USDJPY to hit the important support level around level of 110.56 as the USDJPY is still moving within the down channel to reach its downside around 110.56 In view of the technical indicators Both RSI and Stochastic are indicating to weakness of the…
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