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Oil near near two-month high

2018-09-24 08:55 am | Resource: News | No Views : 42



 Crude oil prices traded in the Green Zone on Monday as Brent crude jumped more than 2% to near a two-month high below its highest in four years. Investors continued to anticipate a new set of US sanctions on Iran to be issued in November. Washington's measures are expected to have a negative impact on Tehran's oil production, with Iranian output falling sharply.

In the meantime, OPEC members continued to ignore US President Donald Trump's demands to open taps and ease upward pressure on oil prices amid the looming Iranian sanctions. Meanwhile, market observers continued to speculate that oil prices could reach as high as $ 90 a barrel if the market continues to tighten.

The jump in oil prices came after OPEC said over the weekend that the group would raise production only if customers asked for it, as Saudi Arabia, Russia and its allies did not reach the limit to provide additional quantities of specific crude oil.

Total announces major gas discovery off the coast of the United Kingdom

French oil and gas company Total SA announced on Monday it had made a major gas discovery off the coast of the Shetland Islands in the northern Gulf of Glindronach. The well was drilled to a final depth of 4,312 meters and faced a 42-meter column of gas, the company said, adding preliminary reports confirm good reservoir quality, permeability and production potential. The recoverable resources are estimated at one trillion cubic feet.

"Glendronach is an important discovery for Total, which gives us access to additional gas resources in one of our key areas and validates our exploration strategy." Located in an emerging theater in the vast Shetland West, this discovery can be marketed quickly and at a low cost by taking advantage of existing infrastructure In Laggan-Trom, "said Arno Bruilac, Exploration and Production Chief of Total.

Oil futures trading

The price of WTI crude for November delivery rose 1.76%, trading at $ 80.23 a barrel at 10:20 CET
While Brent crude for the month rose 2.21% to $ 80.51 a barrel at 10:28 and reached its highest level since November 24, 2014.


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…

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