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Oil prices rise ahead of US inventory data

2018-08-28 04:37 pm | Resource: News | No Views : 672

US crude reached near August highs near midday trade on Tuesday as investors prepared for the latest weekly data on US oil inventories.

 New York's WTI crude futures fell 18 cents, or 0.26 percent, to $ 68.69 a barrel by 15:42 GMT, not far from the day's high of $ 69.19. Its highest price per month was reached at $ 69.92 on August 6th.

Meanwhile, Brent crude, the benchmark oil price index outside the US, rose 1 cent or 0.01 percent to $ 76.51, the highest level since July 11.

The US Petroleum Institute is due to release its weekly report for the week ending Aug. 10 at 20:30 GMT on Tuesday, while official government data will be released on Wednesday.

Figures from last week showed a larger-than-expected change in stocks, easing concerns about oversupply.

In addition, the OPEC and non-Opec watchdog found that oil producers involved in the supply reduction cut production in July by 9 percent more than their agreement called, two sources familiar with the matter told Reuters on Monday.

OPEC and other major oil producers led by Russia agreed on June 22 and 23 to reduce their compliance with production limits to 100 percent when they reached nearly 150 percent due to shortages and unrest in member states such as Venezuela, Libya and Angola.

According to Reuters data, production did not rise as planned.

In other energy trading, gasoline futures fell 0.60% to $ 1.9751 a gallon by 11:47 ET (15:47 GMT), while heating oil rose 0.19% to $ 2.2248 a gallon.

Finally, natural gas futures lost 1.01% to $ 2.840 per million British thermal units.

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Best Opportunities, Vision and Technical Analysis for The Oil 22 March 2019

  (CURDE OIL - WTI ) Time frame Used - four hours Oil is moving in a bullish direction in the near term. Oil continues to gain further after breaking the resistance level around 57.87 higher as the bulls managed to push oil to the level of 60.26. In view of the technical indicators Both the RSI and the Stochastic are indicating to the arrival of indicators in the overbought…

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