country flagالعربية

Oil prices recorded losses during Friday trading despite the decline in the US dollar index

2018-05-11 01:19 pm | Resource: NEWS | No Views : 174

Oil prices recorded losses on Friday, despite the decline in the US dollar index, after yesterday's prices reached the highest level in three and a half years, but about to achieve the fifth weekly gain in a row

Oil prices rose 2.2% this week, nearly fifth consecutive weekly gains, among the longest weekly gain since October 2017, after the United States withdrew from Iran's nuclear deal.

Trump announced last Tuesday that he would formally withdraw from the nuclear deal and decided to re-impose economic sanctions on Tehran, and that his country had proven evidence that the Iranian regime was violating the nuclear deal.

The US Energy Information Administration announced on Wednesday that crude inventories fell by 2.2 million barrels for the week ending May 4, the first decline in three weeks, exceeding experts' expectations of a decline of about 0.2 million barrels.

US production has jumped 27 percent since mid-2016, outpacing Saudi Arabia's steady output of around 9.9 million barrels per day, close to Russia's biggest oil producer of around 11 million bpd.

Last week, global oil prices rose 2.7%, their fourth weekly gain in a row, among the longest weekly oil gains this year.

US crude was down 0.18% at $ 71.24 a barrel. US crude opened at $ 71.44 and hit a high of $ 71.62 and a low of $ 71.12.

Brent crude was the highest at $ 77.56 and lowest at $ 77.09, with Brent crude falling 0.21%. To trade at $ 77.28

Other analysis

Gold Technical analysis 12 December 2018

Time frame Used - four hours Gold is moving in a sideway direction in the near term. Gold is still facing resistance and selling pressure around the resistance level of 1250 to fall back to support level 1241 forming a positive candlestick pattern.   In view of the technical indicators Both the RSI and the Stochastic are indicating signs of recovery.   Therefore, we expect that the gold will target…

More analysis

Best trading brokers

All Rights Reserved
Risk Disclaimer: Trading in foreign exchange market (Forex) includes the risks and the possibility of loss. That is why we are keen on providing the highest quality news and analysis concerning the different markets traded. The opinions expressed in the site indicate the opinion of the author only and not the views of the administration or the public, knowing that errors could be encountered and there is a possibility to commit them. Before starting to trade you should carefully consider your investment objectives, and review the level of experience and risk appetite. In some cases, possible high leverage can lead to loss of funds invested, so you can not invest money that you can not handle its possible loss. You should be aware of all the risks associated with foreign exchange trading and seek for advices from an independent financial advisor if you have any does not assume any responsibility after the occurrence of financial loss to the dealer and the user carries full responsibility for the losses resulting from the use of news, analysis and data on the site.