Crude oil prices rise after US inventories rise
2018-09-19 09:56 am | Resource: News | No Views : 45
Maduro: Venezuela doubled oil exports to China
Venezuelan President Nicholas Maduro said China will help the country's economic recovery at a press conference on Tuesday. After visiting Beijing, Maduro said Venezuela would raise its oil exports to China to 1 million barrels per day, adding that he was supposed to sign the deal with China National Petroleum Corporation (CNPC) President Wang Dongjin on the same day.
Maduro announced that the Chinese government will finance the development of the country's oil industry to help increase production.
Oil prices have risen in recent months as investors expect pressure from US sanctions against Iran. The sanctions, which are expected to take effect on November 4, have already caused a drop in Iranian oil exports.
Investors are also looking for weekly crude oil inventories from the Energy Information Administration, which is due to be released later in the session.
Crude Oil Trading
- Crude oil futures for November fell 0.01% to $ 69.58 a barrel as of 09:09 GMT
- . Meanwhile, Brent crude, the benchmark for oil prices outside the US, fell 0.18% to $ 78.89 but still close to a four-year high.
- In other energy trading, gasoline futures rose 0.07% to $ 2.0070 per gallon.
- While heating oil fell 0.11% to $ 2.2333 per gallon.
- Natural gas futures fell 0.10% to $ 2.930 per million British thermal units.
Time frame Used - four hours Oil is moving in a bearish direction in the near term The bears managed to press the oil to retreat below level of 70.46, forming a positive candlestick pattern but it still facing resistance around level of 72.71 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…
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