country flagالعربية
0

​Oil prices posted gains during European trade on Tuesday

2018-05-22 11:36 am | Resource: NEWS | No Views : 134



Oil prices posted gains during European trade on Tuesday, bringing US crude to a three-and-a-half year high, posting a second day of gains.

The gains come amid tensions between the United States, Iran on the one hand and Venezuela on the other, where the United States is expected to impose sanctions on both countries, which will adversely affect oil production globally.

Where US Secretary of State Mike Pompeo said the United States would impose the most sanctions on Iran, and stressed that Tehran would struggle to keep its economy alive after the sanctions came into effect.

The United States will also impose economic sanctions on Venezuela, which will undermine the Venezuelan oil supply, Venezuela was pumping about 2.5 million barrels per day early 2016

US crude rose Tuesday by 0.21% to reach $ 72.50 a barrel. US crude opened today at $ 72.62, recording a high of $ 72.78 and a low of $ 72.47.

Brent crude was the most active at $ 79.52, recording a high of $ 79.91 and a low of $ 79.34. Brent crude was up 0.42%. Currently trading at $ 79.55

Oil prices last week, their sixth weekly gain in a row, were among the longest weekly gain since October 2017, amid speculation of a drop in Iranian supply.

Since the beginning of the year, the total number of active oil and gas rigs in the United States has reached 983, up sharply from an average of 876 in 2017 and heading towards the highest average since 2014, when it reached 1,862 diggers. Most of the excavators produce both oil and gas.

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.


Other analysis

OIL Technical analysis 19 October 2018

Time frame Used - four hours Oil is moving in a bearish direction in the near term The bears managed to control the movement of oil to break the support level around the level of 70.46 down to reach the bearish target around the level of 68.27 forming a positive candlestick pattern   In view of the technical indicators Both the RSI and the Stochastic are indicating the arrival of…

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 doubts.TradingPekk.com 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.