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Crude oil prices rise after US inventories rise

2018-09-19 09:56 am | Resource: News | No Views : 197

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

Best Opportunities, Vision and Technical Analysis for The Oil 17 April 2019

(CURDE OIL - WTI ) We offer you oil analysis denominated by US dollar on Wednesday, April 17, 2019, with the most important forecast for the price of oil denominated by US dollars in the market. Time frame Used - four hours Oil is moving in a sideway direction in the near term. The purchasing power managed to push oil higher to close at the end of trading today, rising…

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