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The rise of gasoline contracts supports oil to reach its levels in two months

2017-07-28 12:04 pm | Resource: News section | No Views : 657

The rise of US gasoline contracts supports crude oil prices to reach a two-month high. The sharp fall in US crude oil inventories and the promises made by OPEC members that exports will be cut also boosted the oil rally.

As the WTI crude contract rose 0.6% or 29 cents to $ 49.04 a barrel at the settlement. Brent crude oil prices rose 1.02%, 52 cents to $ 51.49 at the settlement.

US gasoline contract prices are the highest percentage increase in petroleum products, after rising 1.7%.

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OIL Technical analysis 13 December 2018

Time frame Used - four hours Oil is moving in a sideway direction in the near term. Oil is still facing resistance and selling pressure around levels of 52.66 - 54.54. In view of the technical indicators Both the RSI and Stochastic are indicating to weakness of the indicators. Therefore, we expect that the oil will test the level of 50.00 dollar, which by breaking it down will target the…

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