Oil falls influenced by the International Energy Agency report
2017-08-14 09:49 pm | Resource: NEWS | No Views : 416
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 bearish direction in the near term The bears managed to press the oil to drop below level of 70.49 Forming a positive candlestick pattern In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery Accordingly, we expect that the oil will break above the 72.21 level to test levels of 72.73…
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