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Oil trading continues rise amid anticipation of global trade tensions

2019-06-11 12:16 pm | Resource: News | No Views : 92

 Oil trading continues rise amid anticipation of global trade tensions

Oil prices rose on Tuesday amid expectations that OPEC and its allies will keep production cut longer. Sentiment was boosted after Beijing said it would allow local governments to use private bond proceeds as capital for major projects, including highways, gas, power and railways.

As the world looks ahead to the IEA report for next year's market performance, data from oil companies and oil traders gives an initial glimpse, showing that the market is at its best and will be balanced, but the supply is likely to exceed consumption, perhaps by far.

OPEC is due to meet in Vienna on June 25 to decide production policy for the rest of the year. With the expiration of the current production deal in June, OPEC is likely to extend production cuts until the end of the year. Oil prices have also been supported by hopes for further stimulus to China's sluggish economy.

Russia's average oil production averaged 11.04 million barrels per day (bpd) from June 1 to 10, compared to 10.87 million bpd in the first three days of the month, two sources familiar with official data said on Tuesday.

Oil field: Libyan oil bed field loses 30 thousand barrels per day of production due to a fire generator

Libya's oil-producing oilfield is losing 30,000 barrels per day (bpd) of production due to a fire in a generator, the state-run Libya National Oil Corporation said on its Web site on Tuesday. A fire broke out on June 9 due to rising temperatures, the foundation said. The field's production now stands at 155,000 bpd, she said.

 The oil market has already begun to reflect the possibility of a surplus in 2020. Although the gap between supply and demand has been narrowed by the crisis of Russian pipeline pollution and US sanctions on Iran and Venezuela, prices have fallen below $ 60 last week, compared with $ 75 in late April.

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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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