country flagالعربية
0

Crude oil prices rise after US inventories rise

2018-09-19 09:56 am | Resource: News | No Views : 45

 
Oil prices remained flat on Wednesday as US crude inventories rose more-than-expected. US API data showed Tuesday that US crude inventories rose by 1.2 million barrels to 397.1 million barrels in the week ending Sept. 14, compared with a market forecast of 2.7 million barrels.

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.


Other analysis

OIL Technical analysis 16 October 2018

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…

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.