Oil prices maintain their highest level in 8 weeks
2017-07-28 12:59 pm | Resource: Reuters | No Views : 555
Crude Oil prices were mixed on Friday, but remained near eight-week highs supported by a drop in US stockpiles and efforts by producers from within and outside OPEC to cut output.
By 11:59 Moscow time (08:59 GMT), global benchmark crude "Brent" rose 22 cents, or 0.2 percent, to $ 51.71 a barrel.
Unlike, the US crude "West Texas Intermediate", which fell in futures futures four cents or 0.08% to $ 49 a barrel.
In the previous session, crude rose to its highest level since the end of May, supported by the rise in gasoline futures in the United States and a sharp drop in US crude inventories.
Data from the US Energy Information Administration showed that crude inventories in the United States fell sharply by 7.2 million barrels in the week ending June 21, driven by strong refining activity and increased exports.
Oil prices have found support in a new deal between OPEC and some outside producers, led by Russia, to curb Nigerian production and encourage some members to comply with production cuts they have pledged.
Since major oil producers held a meeting in St. Petersburg last Monday, crude prices rose by about 6%, supported by expectations of deeper cuts.
Saudi Arabia, the world's top oil producer, said it planned to cut crude exports to 6.6 million bpd in August, about 1 million bpd less than a year earlier.
Time frame Used - four hours Oil is moving in a bearish direction in the near term. Oil is still under selling pressure, as it has not been able to test the resistance level 57.88 to face oil selling pressure around the level of 57.37 to fall back down again. In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of indicators to the…
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