Oil falls influenced by the International Energy Agency report
2017-08-14 09:49 pm | Resource: NEWS | No Views : 474
Oil prices fell on Friday, on its way to achieving the multidomainrotator brigade losses amounted to 3%,
on the background of the continuing concerns about the abundance of the world's supply of oil,
investors await the announcement of the weekly statements of drilling activity in the United States, and changing the number of working drilling platforms.
The International Energy Agency said in its report issued on Friday, the increasing supplies of crude oil for the month 3 respectively,
the report pointed out that compliance by OPEC to reduce production agreed in July dropped to 75%, the lowest since the start of the reductions in January last year.
The International Energy Agency said in its monthly report, the total global oil supply rose by 520 thousand barrels a day in July,
bringing the total to 500 thousand barrels per day above the levels of last year.
Down U.S. crude oil futures rose by 0.76% to 48.22 dollars, while the brent crude oil prices dropped 0.60% to 51.59 dollars.
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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